GeneralDiscussionRejects

DaveG99 · Posted: Tue Oct 28, 2008 5:46 am Post subject: taxes after the election

Taxes After The Election
These are FACTS....If anybody can prove this wrong please let me know. I am open to knowledge. (from Jim: read who wrote this and call for verification before you delete this)

If you do not have a house, mutual funds, 401K,other investments, a job,
buy gasoline, ever need a doctor, or if you are not planning to
inherit anything in the near future, this will not affect you.

For those among you who have more money than you will ever need,
save your time and delete this email. For the rest of us who are still
working with mortgages, children and/or grandchildren, or retired and living on
a pension and/ or Social Security, perhaps you will take a couple of
minutes to read the proposed changes in the American tax system.

Proposed changes in taxes after 2008 General election.

Check it out, it's interesting and factual.

This is something you should be aware of so you don't get blind-sided.
This is really going to catch a lot of families off guard. It should
make you worry.

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, 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 probably 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 third-world countries!!!

Sharing this email with others can make a difference on November 4, 2008; for our citizens and our country.

Thank You

Robert D. Jenkins
Vice President - Investments
Chartered Retirement Planning Counselor
Wachovia Securities, LLC
314-991-7812
800-999-4448 toll-free