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I received an email today that breaks down the Obamanation's tax increases quite nicely:

Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX

MCCAIN
0% on home sales up to $500,000
per home (couples) McCain does not
propose any change in existing
home sales income tax.

OBAMA
28% on profit from ALL home sales

How does this affect you?
If you sell your home and make a profit, you
will pay 28% of your gain on taxes.
If you are heading toward retirement
and would like to down-size your
home or move into a retirement
community, 28% of the money you
make from your home will go to taxes. This
proposal will adversely affect the
elderly who are counting on the income
from their homes as part of their retirement income.

DIVIDEND TAX

MCCAIN 15% (no change)

OBAMA 39.6%

How will this affect you?
If you have any money invested in stock
market, IRA, mutual funds,
college funds, life insurance, retirement
accounts, or anything that pays
or reinvests dividends, you will now
be paying nearly 40% of the money
earned on taxes if Obama become president.
The experts predict that 'higher
tax rates on dividends and capital gains
would crash the stock market yet
do absolutely nothing to cut the deficit.

INCOME TAX

MCCAIN (no changes)

Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250

OBAMA
(reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750

Under Obama your taxes will
more than double!
How does this affect you? No explanation
needed. This is pretty
straight forward.

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

How does this affect you? Many families
have lost businesses,
farms and ranches, and homes
that have
been in their families
for generations because they could not
afford the inheritance tax.
Those willing their assets to loved
ones will not only lose them to
these taxes.

NEW TAXES BEING PROPOSED BY OBAMA

* New government taxes proposed on
homes that are more than
2400 square feet

* New gasoline taxes (as if
gas weren't high enough already)

* New taxes on natural resources
consumption (heating
gas, water, electricity)

* New taxes on retirement accounts
and last but not least....

* New taxes to pay for socialized medicine
so we can receive the same
level of medical care as other
third-world countries!!!

He isn't asking for much now is he? Sheesh.

For an easy-to-understand view of "bad taxes", look up the short film The Case Against the 20% Federal Admissions Tax on Motion Picture Theatres (1953).
Most taxes are subtle, but the admissions tax of the late 40s-early 50s was like a field-test of a ecconomic theory on high taxes, in four years it drove hundreds of privatly-owned movie theaters out of business and put most of the others in debt.

"MCCAIN 0% (No change, Bush repealed this tax)"

No, he didn't.
No president has ever raised taxes and no president has ever cut taxes.
No president has ever run up a deficit or balanced the budget.
The president has no legislative or budgetary authority.
There is a saying that sounds trite but it's true.
"The President proposes, the Congress disposes"
The president can propose anything he wants, such as the budget proposal he makes every year. Congress can pass it as is, make any changes they want or throw the whole thing in the trash and start over.
People talk about the president as if he is a king and it drives me nuts. Obama won't raise taxes, he'll ask Congress to raise taxes. McCain won't leave taxes as they are, he won't ask Congress to change them. Bush didn't cut taxes, he asked Congress to cut taxes.
We will never reign in the government that we have allowed to slip its bonds until we reign in the damned imperial presidency. We will never do that until we stop thinking of the president as a king and stop letting him do what he wants with impunity.

Article I, Sections 1, 7, 8. Article II.

Jimbo, I agree that the taxes you outline in your post (and worse) will probably come to pass if America is so depraved as to allow the Obamessiah to desecrate the Oval Office, especially since the Demoscum will drop all pretense and be openly socialist, but please be more precise with your words and stop referring to the actions of the president as if he were a king. He has definite, well defined limitations to his authority and we need to hold him to it. (I ask this of everyone)

Good posts Jimbo and Steven. I have one more thing to add. Obama's tax plan is pretty much identical to Charlie Rangel's bill that is in his committee. That bill would raise my taxes by several thousand a year, and I make well less than the supposed $250,000 cut-off for the "bone the rich" meme. The change is hidden as a "reform". The rules changes will mean a significant tax increase for small businesses operating or being taxed as s-corps. Sounds arcane, but there are hundreds of thousands of us who are gonna get worked, and nobody has really taken notice yet.

The only thing that has prevented this so far is a promised veto from Bush. If Obama gets in, it will become law assuming the Dhimmis hold both houses.

I'll ask all the true conservatives to put on the nose plug and vote for Juan McCain, if for nothing else, maybe to save me and other small businessmen thousands of bucks over the next four years. And this is just one small part of the economic disaster that will unfold if that Bolshevik gets elected.

Jimbo,

You got an email so it must be true. I got an email from a Nigerian prince that is guaranteed ZERO risk plan to send me 10 million dollars. And it is guarantted, did I mention that.

Obama's tax plans are the least of our worries.

"Obama's tax plans are the least of our worries." - Parker

Obama's tax plan is the very first of my worries numbnut.

I'm familiar with the relatively vague BS Obama puts out there, but it's consistent with Charlie Rangel's HR 3970, so that's the best we have to work off for now. This bill would cost me and other small businessmen many thousands of dollars if passed into law.

I've read the bill. I've discussed it with my accountant (who tipped me off to the problems with the bill months ago). I've discussed it with my best friend who is an investment manager (who confirmed the problems with capital gains and inheritance tax). I've discussed it with several family memebers who also run their own businesses. The "D" plan will punish success across the board.

But over and above the "loot the rich" aspect, the "reforms" are the most devastating parts - that would be the "small print" parts that the MSM haven't reported on. If you believed those idiots, I'd allegedly be getting a tax cut because I make below $250,000, but guess what? I'll be getting a hefty increase in the form of extended FICA taxes on any profit above my salary.

Now listen Parker, I'm not running some Nigerian scam. This is very serious This tax plan is disaster waiting to happen.

If you have some facts to the contrary, please present them. I'd be happy to be wrong about my assessment of the future of taxes under dhimmi rule.

Forest, you missed my point, this is the least of his "change". I get it.

I just passed along an email breakdown of Obamamama's proposed taxes. I certainly never inferred a sane congress would pass them (though, if it's a democrat congress, they will).

Parker - shit and roll in it you worthless dumbass.

Since I will probably have a choice, buy food and gas for the week, or buy a case of KY after November, I decided I'd better stock up! After Obama gets in, I'll probably be living out of my car!!

There is one thing that will prevent this, or at least cause it to be short-lived. The people will crucify their elected representatives if they pass this nonsense. The left can bleat all it wants about "social justice" and "health care" and "the children", but when their taxes jump to 50% of their pay, and their companies lay off thousands because they can't bear the tax burden, people will tell those monkey-suited bureaucrats to get bent.

As much as it would hurt in the short term, there might be one actual benefit to a plan like this. Think of it like a vaccine. It will inoculate the next generation, and maybe two or three, against socialism. There is no greater cure for socialism that living through it yourself.