Help debunking e-mail about tax proposals

[OxQQme]

I would like to tell this person who is my employer (small {8 employees} incorporated business) who frequently forwards me e-mails that are usually humorous but interspersed with political right wing leaning missives.
I don't usually respond to the political ones and just share laughs about the funny ones the next day when we see each other at the workplace, but this one doesn't feel like I should let it pass without debunking.

quote:

INTERESTING DATA JUST RECEIVED ON TAXES

Spread the word.....




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.

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MCCAIN 0% (No change, Bush repealed this tax)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




Thank You
Robert D. Jenkins
Vice President - Investments
Chartered Retirement Planning Counselor
Wachovia Securities, LLC

[Nickster]

1. Easy

http://www.snopes.com/politics/obama/taxes.asp

http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf

[cabbage08]

4. thanks for the link n/t

[TexasObserver]

2. That's almost all bullshit. If you make under $250,000 a year, your taxes go down under Obama.

I was watching CNN and their business guy this morning, and he had a comparison of the two tax plans of McCain and Obama. He made reference to an analysis by The Tax Policy Center. I am going to try to find that, and if I do, I'll send you a link.

Here is a link to the CNN analysis of the two guys, and you can read up on both here. I don't want to convince you of anything, other than to thoroughly read up on what both these guys are saying they will do. McCain's is largely more of the same as Bush. Obama is cut taxes to everyone below $250,000 income a year, and raise everyone above that.

http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

From the CNN link:

Barack Obama
Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Proposes a "making work pay" tax credit of up to $500 per person, or $1,000 per working family. Proposes eliminating income taxes for seniors making less than $50,000 per year and eliminating all capital gains taxes on start-ups and small businesses. Says he would reform the child and dependent care tax credit by making it refundable and allowing low-income families to receive up to a 50 percent credit for child care expenses. Favors tax cuts for middle-class workers and tax increases for top earners. Says he would restore the top two income tax rates to their pre-2001 levels of 36 percent and 39.6 percent. (Currently, they're 33 percent and 35 percent.) Says he would maintain the estate tax but would freeze the estate tax exemption amount at $3.5 million. Proposes to create an "American opportunity tax credit," which the Obama campaign describes as "a fully refundable credit" that "will ensure that the first $4,000 of a college education is completely free for most Americans and would cover two-thirds the cost of tuition at the average public college or university."

John McCain
Voted against 2001 and 2003 Bush tax cut laws, but later voted in favor of extending tax cuts through 2010. Says he would keep the current rates on dividends and capital gains, and maintain the current income and investment tax rates. Says he opposes a proposal supporters call the "Fair Tax," which would repeal income taxes and other taxes and abolish the Internal Revenue, but has previously said he would sign it into law as president. Says he would double the child deduction from $3,500 to $7,000 and permanently repeal the alternative minimum tax. Says he would reduce the corporate tax rate from 35 percent to 25 percent. Advocates raising the exemption from taxation on estates up to $10 million while cutting the tax rate to 15 percent. Proposes that a three-fifths majority vote in Congress be required to raise taxes. Says he would permit corporations to immediately deduct the cost of equipment investment. Would prohibit new cellular telephone taxes and ban Internet taxes. Wants to establish a permanent tax credit equal to 10 percent of wages spent on research and development.

[sinkingfeeling]

3. Isn't it easy to just make up stuff and pass it off? Let's start circulating one saying McCain will

take every first-born son and make him a lifer in the military-machine.

[EOTE]

11. Kinda like McCain's speech last week.

My friends, I want to buy each and every one of you a shiny new Corvette. My opponent, on the other hand, wants to eat your children. I want to give you all tickets for free HJs at Starbucks, where as my opponent wants to force you all to work as slaves in labor camps. It's easy to have a sterling record if all you do is make shit up.

[Blue_Tires]

5. anything someone from Wachovia says, do the opposite

their reputation isn't one of the shinier ones out there

[bookman]

6. Here's something...

HERE’S A CALCULATOR. Put in your adjusted income and compare your tax savings under Obama and McCain
http://alchemytoday.com/obamataxcut/

If you don’t get a tax cut? Congratulations, you’re rich!


Go to factcheck.org to verify that McCain’s been lying:

http://www.factcheck.org/elections-2008/a_new_stitch_in_a_bad
_pattern.html

[sinkingfeeling]

7. Not rich, a single taxpayer of the middle class.

[EOTE]

12. Then you'll pay less under Obama's plan. NT

[sinkingfeeling]

16. Nope. Not according to that calculator. No decrease at all.

[EOTE]

17. Then you make over 100k per year.

Anyone making less than 100k per year will pay less under Obama's plan than under McCain's. Even some making over 100k per year.

[sinkingfeeling]

18. No, I do not. I guess they've fixed their calculator. Last Friday, with $75K, single, and zero kids,

it said 'You probably won't receive a tax cut.' Today, it gives something like $433. However, I am a single head of household and still resent not receiving the same type of cut as 'family households'.

[EOTE]

19. That number is the difference between Obama and McCain's plan.

So the $433 is the amount less that you'll pay under Obama's plan versus McCain's. So you can be upset that you're not treated as well as married people in your same bracket, but it can't be denied that unless you're very well off, you're better off under Obama's plan than McCain. And with the incredible disparity of wealth this country is experiencing now, the better off the middle class is, the better off our economy is.

[sinkingfeeling]

21. I agree, but let's ensure that Obama remembers there are a lot of middle class folks out here that

are single or heads of households.

[EOTE]

22. We should always hold their feet to the fire.

But it's also important to let it be known how much better Obama's tax plan is for the economy compared to McCain's. McCain's plan is more of the same Reaganomics that have been offered by republicans for the past nearly 30 years and it's done nothing but to make our debt/deficits out of control and ensure even greater disparity of wealth.

[OxQQme]

13. OK then

that alchemy link should help. Thanks.

[netania99]

8. I got that email, too, today.

Thanks, everyone, for the information to fight it!

Peace.

[MadinMo]

9. Go to factcheck.org

I got this email at work too and when I investigated, the Obama site put me onto this website:

http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html

I suggested the recipients of the email I got check the site. And now I've been in an email discussion with the person who sent it to me originally who claims to be independent but leaning Republican. He does think Bush is a criminal. Hopefully he keep his mind open.

[helderheid]

10. email this

[jmowreader]

14. You can start with the income tax calculation

I've debunked those income tax numbers myself...how this person got to that set of numbers was by taking the highest marginal rate for the income level in question, then taxing ALL the income the person made at that level. That's right--no deductions of any kind were taken.

Besides...he says McCain will be "no change"; isn't McCain running on a platform with two planks in it: he'll cut your taxes and he'll make up shit about the opponent until you vote for him just to get him to stop?

It's a good thing this "Robert D. Jenkins" is a vice-president at a bank because he doesn't seem to know enough about math to be a teller.

[Liberal In Texas]

15. They never mention McSame wants to tax your health care benefits from your employer. Obama doesn't.

"A New Tax on Working Families. McCain wants to shift the burden from employers to workers. He will make health care premiums part of taxable income, essentially creating a new tax for working families."
http://www.aflcio.org/issues/politics/mccain_healthcare.cfm

[bookman]

23. YES!

It is such a major point. McCain will RAISE my taxes.

[rucky]

20. Links:

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

Here's the 58-page report from the Tax Policy Institute, if you have alot of spare time and like to torture yourself by reading that kind of stuff:

http://www.taxpolicycenter.org/UploadedPDF/411749_update_candidates.pdf

From this report, you can calculate your tax cut/hike under Obama's plan:
http://alchemytoday.com/obamataxcut/