I did not really have anything in mind to write about this week in my weekly analysis so I done a little browsing on the web. I log onto msnbc.com and the headline reads "Dow falls 500 points in worst day since 2001." Can the economy really get any worse? I'm sure it can but from where I'm standing the picture is not looking too promising, at this point. Another question you can ask is "where is the help?" Is it Obama or is it McCain? I know I shared an email with you last week and I'm going to do the same this week. People really need to read this email sent to me before they decide which candidate they will vote for this November. I will admit that I'm a supporter of McCain 100 % but this email is totally unbiased and the writer is solely trying to prevent people from making a catastrophic mistake. The writer of this email writes the phrase several times throughout the email, "How does this affect you?" That is the question that you need to ask yourself before you make your decision.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 42% 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!!!
Thank You
Robert D. Jenkins Vice President - Investments Chartered Retirement Planning Counselor Wachovia Securities, LLC
References:
McCain & Obama. Available http://www.donkeydish.com/wp-content/uploads/2008/06/mccain_obama.jpg, Sept. 15, 2008.
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