For those of us who are still working with mortgages, children and grandchildren or retired 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.
INTERESTING DATA JUST RECEIVED ON TAXES
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 (OBAMA CLAIMS NO INCREASE IN TAXES….. AFTER BUSH CUTS ARE ELIMINATED!)
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MCCAIN 0% (No change, Bush repealed this tax)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!!!
quote:Originally posted by Lockman: Do you feel your taxes will be higher because of Obama tax policies?
Certainly not.
Then you haven't been paying attention!
Quite the contrary, I have been paying close attention.
You, on the other hand have spent all your efforts in the last two or three months dredging up trash and lies to damage democrats and posting them on Allstock's Off Topics instead of learning the facts.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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posted
You'll notice that Bdgee never argues the facts. Instead, he stoops to name calling and writing endless amounts of gibberish.
Posts: 1577 | From: Ohio | Registered: Oct 2007
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quote:Originally posted by Lockman: Do you feel your taxes will be higher because of Obama tax policies?
Certainly not.
Then you haven't been paying attention!
Quite the contrary, I have been paying close attention.
You, on the other hand have spent all your efforts in the last two or three months dredging up trash and lies to damage democrats and posting them on Allstock's Off Topics instead of learning the facts.
So you honestly believe your taxes are not going to go up under an Obama administration? What kind of math do you study?
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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posted
I wouldn't have said it if I didn't "honestly" believe it.
Most of the mathematics I do is within the areas of real analysis or topology; though, some times I work in logic and I have (shhhhhh don't tell) published some applied stuff.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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quote:Originally posted by bdgee: I wouldn't have said it if I didn't "honestly" believe it.
Most of the mathematics I do is within the areas of real analysis or topology; though, some times I work in logic and I have (shhhhhh don't tell) published some applied stuff.
Obviously not accounting!
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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posted
Accounting, as it is practiced in this Country, is simple arithmetic applied to a collection of statutes.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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quote:Originally posted by Lockman: So you can't do simple math? Even Barney Frank admits their gonna raise taxes. Of course that's no surprise.
Barney didn't do any such thing. Taxes will go up for some, those whose net income is over $250,000, and down for others, those whose net income is below that. Actually, no one's taxes will be raised, just the temporary give away to the very rich that dubya, with the republican majorities in both the House and Senate, awarded. Taxes for the rich return to their norm and will be lowered for the rest.
Of course and in fact, the president doesn't decide what the tax rate will be. Like always, that is a matter for the Congress to consider and send on to the president to be either signed or vetoed.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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quote:Originally posted by Lockman: So you can't do simple math? Even Barney Frank admits their gonna raise taxes. Of course that's no surprise.
Barney didn't do any such thing. Taxes will go up for some, those whose net income is over $250,000, and down for others, those whose net income is below that. Actually, no one's taxes will be raised, just the temporary give away to the very rich that dubya, with the republican majorities in both the House and Senate, awarded. Taxes for the rich return to their norm and will be lowered for the rest.
Of course and in fact, the president doesn't decide what the tax rate will be. Like always, that is a matter for the Congress to consider and send on to the president to be either signed or vetoed.
Actually that 250,000.00 figure was lowered to 200.000.00 by Obama and further reduced by Biden to 150,000.00. Then Gov. Richardson speculated it would be 125,000.00 for a couple.
Looks like Obama will have a veto proof congress so it should be full steam ahead.
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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posted
No it wasn't. That was a faulty reading by republican dimwits that think that is a man says he has a dollar, he can't have 2 dollars.
The facts are that both those with incomes below $250K and those with incomes below $200K (and those below $125K and those below $50k) will see lower taxes. That the second is true does not negate the first. The first statement simultaneously says the second. The second doesn't cancel the first.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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quote:Originally posted by bdgee: No it wasn't. That was a faulty reading by republican dimwits that think that is a man says he has a dollar, he can't have 2 dollars.
The facts are that both those with incomes below $250K and those with incomes below $200K (and those below $125K and those below $50k) will see lower taxes. That the second is true does not negate the first. The first statement simultaneously says the second. The second doesn't cancel the first.
He lowered the amount when shown his math just doesn't add up. It looks as though it's not going to make much difference because Obama will probably win and then we all get to live under the future of socialistic government.
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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quote:Originally posted by bdgee: No it wasn't. That was a faulty reading by republican dimwits that think that is a man says he has a dollar, he can't have 2 dollars.
The facts are that both those with incomes below $250K and those with incomes below $200K (and those below $125K and those below $50k) will see lower taxes. That the second is true does not negate the first. The first statement simultaneously says the second. The second doesn't cancel the first.
He lowered the amount when shown his math just doesn't add up. It looks as though it's not going to make much difference because Obama will probably win and then we all get to live under the future of socialistic government.
No, dumb dumb, he didn't lower the amount. You just aren't smart enough to handle the logic.
If after a question, "Have you ever driven over 500 miles?" I respond, "Last week I drove from Dallas to Houston, which is about 300 miles". That is not a statement that the most I have ever driven is 300 miles nor is it a statement that I have never driven over 500 miles.
You need to learn to think, rather than quote crap off Fox News.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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posted
i BELIEVE budgee is correct about the taxes.
Obama never said he would lower taxes to people making 250,000 per year.
this tax issue is semantic game of gotcha that all politicians play.
however, i do not and never did beleive that McCain could follow his promises of lowering taxes more.
or cutting spending...
why? because our GDP is so totally tied up in our GDP that significant govt spending cuts would decrease GDP significanlty and actually CAUSE recessionary figures to be published which would create more problems.
US Govt spending is over 20% of GDP, which is how Bushies have been able to keep saying we aren't in a recession...
i really wish people fully understood just how creeeepy these people that have been running our country are...
the sad thing is? McCain KNEW and hired Bushies anyway to assist in his campaign...he ahd little choice.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by Lockman: Do you feel your taxes will be higher because of Obama tax policies?
ABSOLUTELY!!!! He will have to raise taxes and take from the working class folks like myself so that he can redistibute to the less fortunate, just like a good marxist. He has made the statement, I dont understand why people dont believe it. TMAN...
-------------------- In the end, trust only yourself when trading stocks. Posts: 2048 | From: Texas | Registered: Feb 2006
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quote:Originally posted by Lockman: WILL THIS CHANGE YOUR RETIREMENT
For those of us who are still working with mortgages, children and grandchildren or retired 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.
INTERESTING DATA JUST RECEIVED ON TAXES
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 (OBAMA CLAIMS NO INCREASE IN TAXES….. AFTER BUSH CUTS ARE ELIMINATED!)
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!!!
Growing wealth through real estate will be on hold for 4-8 years.
This is FACT.
Glass. I will prove the tax increase in Jan 2010.
I will prove the tax increase on the families business and its 165 employees.
Furthermore I will show how much my 4 man business taxes increased.
IT WILL ALL BE PROVEN.
It might take till mid 2009 and later before we see the real increase but I gaurantee it will.
Also I will show the difference when and if I decide to sell my house.
And God forbid my folks pass away during this time more than 60% of their fortune will be repoed by the govt.
Posts: 6410 | Registered: Jul 2006
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And God forbid my folks pass away during this time more than 60% of their fortune will be repoed by the govt.
already been done to me buddy. no tears here.
and this statement is untrue: MCCAIN 0% (No change, Bush repealed this tax) ---------------
here's the current schedule: * For amounts not greater than $10,000, the tax liability is 18% of the amount. * For amounts over $10,000 but not over $20,000, the tentative tax is $1,800 plus 20% of the excess over $10,000. * For amounts over $20,000 but not over $40,000, the tentative tax is $3,800 plus 22% of the excess over $20,000. * For amounts over $40,000 but not over $60,000, the tentative tax is $8,200 plus 24% of the excess over $40,000. * For amounts over $60,000 but not over $80,000, the tentative tax is $13,000 plus 26% of the excess over $60,000. * For amounts over $80,000 but not over $100,000, the tentative tax is $18,200 plus 28% of the excess over $80,000. * For amounts over $100,000 but not over $150,000, the tentative tax is $23,800 plus 30% of the excess over $100,000. * For amounts over $150,000 but not over $250,000, the tentative tax is $38,800 plus 32% of the excess over $150,000. * For amounts over $250,000 but not over $500,000, the tentative tax is $70,800 plus 34% of the excess over $250,000. * For amounts over $500,000 but not over $750,000, the tentative tax is $155,800 plus 37% of the excess over $500,000. * For amounts over $750,000 but not over $1,000,000, the tentative tax is $248,300 plus 39% of the excess over $750,000. * For amounts over $1,000,000 but not over $1,250,000, the tentative tax is $345,800 plus 41% of the excess over $1,000,000. * For amounts over $1,250,000 but not over $1,500,000, the tentative tax is $448,300 plus 43% of the excess over $1,250,000. * For amounts over $1,500,000, the tentative tax is $555,800 plus 45% of the excess over $1,500,000. * For years before 2007, additional tax brackets applied for amounts over $2,000,000 with marginal rates of up to 55%.
The tentative tax is reduced by gift tax that would have been paid on the adjusted taxable gifts, based on the rates in effect on the date of death (which means that the reduction is not necessarily equal to the gift tax actually paid on those gifts).
Although the above tax table looks like a system of progressive tax rates, there is a unified credit against the tentative tax which effectively eliminates any tax on the first $2,000,000 of the estate (or the first $2,000,000 on a combination of taxable gifts during lifetime and a taxable estate at death), so the federal estate tax is effectively a flat tax of 45% once the unified credit exclusion amount has been exhausted.
if you really employ 165 people? you can afford to take adavantage of the myriad of loopholes. it's not hard. you have to pay somebody that knows what they are doing tho...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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"if you really employ 165 people? you can afford to take adavantage of the myriad of loopholes. it's not hard. you have to pay somebody that knows what they are doing tho..."
Glass thats my dads business. He is an accountant....and trust me he knows his loopholes.
posted
taxes will increase, the money was spent by Dubya.
he didn't raise taxes, just spending.
when he handed out the first stimulus checks in '04 (?) i didn't hear anybody complaining (but me) then...
i do not beleive McCain aproved of the tax cuts either, lets see if i can prove that?
Vote Summary
* McCain voted no on 6 tax cuts including the two big votes - final passage of the 2001 and 2003 tax cuts. * McCain voted yes on 3 tax cuts including 2 which received near unanimous support in the Senate and were relatively non controversial. * McCain was not present for an additional 3 tax votes, including 2 on the very important American Jobs Creation Act of 2004. * McCain does not support permanent repeal of the estate tax, a major goal of the taxpayer movement. * McCain has told reporters "off the record" that he would raise taxes if elected President
quote:Originally posted by Machiavelli: Here's a bottomless pit and a myth scenario for you to think about: Republican Economic practice. Start a war based on mythical weapons. Create a massive new government agency called "homeland security". Cut taxes for the wealthiest among us. Pay for the war (and everything else) by borrowing money from foreign powers who do not have our best interests in mind. Borrow and Spend. The wealth will trickle down, the economy will flourish. Myth and Bottomless pit.
Do you feel your taxes were higher because of the Bush tax cuts?
Sorry, me been out all day working and then came home to vote.... anyways yes i do feel that way and i do feel that Bush did nothing for the middle class and lower.. only the upper class.. anyways all things else were said by Bgee and Glass whom i agree with on both their views on this...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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posted
Well I am sure they will be watching all the tax increases and report them to the public. I think Obama is going to be watched like a HAWK this first term of his.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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I must say I didn't notice very many tax increases under Bush. Local taxes rose, mostly because of higher education budgets.
I'll be checking my mail box in early 2009...when did they say the stimulus checks were comming? I'm hopefully still part of the 95% of americans that will see lower taxes.
How will I know when my taxes get lowered?
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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quote:Originally posted by Lockman: I must say I didn't notice very many tax increases under Bush. Local taxes rose, mostly because of higher education budgets.
I'll be checking my mail box in early 2009...when did they say the stimulus checks were comming? I'm hopefully still part of the 95% of americans that will see lower taxes.
How will I know when my taxes get lowered?
Just a wild stab here but, probably when you file your tax return?
PS: there has been no mention of another stimulus check. Where did you hear that from anyway?
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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quote:Originally posted by Lockman: I must say I didn't notice very many tax increases under Bush. Local taxes rose, mostly because of higher education budgets.
I'll be checking my mail box in early 2009...when did they say the stimulus checks were comming? I'm hopefully still part of the 95% of americans that will see lower taxes.
How will I know when my taxes get lowered?
Just a wild stab here but, probably when you file your tax return?
PS: there has been no mention of another stimulus check. Where did you hear that from anyway?
Weren't we all getting checks from the increased taxation of the greedy rich? Dam don't tell me it isn't so. What if I don't pay taxes now do I still get a refund? I'm part of those 95%'ers.
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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quote:Originally posted by Lockman: I must say I didn't notice very many tax increases under Bush. Local taxes rose, mostly because of higher education budgets.
I'll be checking my mail box in early 2009...when did they say the stimulus checks were comming? I'm hopefully still part of the 95% of americans that will see lower taxes.
How will I know when my taxes get lowered?
Just a wild stab here but, probably when you file your tax return?
PS: there has been no mention of another stimulus check. Where did you hear that from anyway?
Weren't we all getting checks from the increased taxation of the greedy rich? Dam don't tell me it isn't so. What if I don't pay taxes now do I still get a refund? I'm part of those 95%'ers.
Oh I see. Your just trying to confuse the issues. A tax cut and and stimulus check are entirely different. Again it looks like your reading comprehension is lacking as I alluded to on another thread.
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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quote:Originally posted by Lockman: I must say I didn't notice very many tax increases under Bush. Local taxes rose, mostly because of higher education budgets.
I'll be checking my mail box in early 2009...when did they say the stimulus checks were comming? I'm hopefully still part of the 95% of americans that will see lower taxes.
How will I know when my taxes get lowered?
Just a wild stab here but, probably when you file your tax return?
PS: there has been no mention of another stimulus check. Where did you hear that from anyway?
Weren't we all getting checks from the increased taxation of the greedy rich? Dam don't tell me it isn't so. What if I don't pay taxes now do I still get a refund? I'm part of those 95%'ers.
Oh I see. Your just trying to confuse the issues. A tax cut and and stimulus check are entirely different. Again it looks like your reading comprehension is lacking as I alluded to on another thread.
So your saying that when Obama increases the taxes on our most productive citizens, the rest of us are going to see a noticable difference in lower taxes?
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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posted
So your saying that when Obama increases the taxes on our most productive citizens, the rest of us are going to see a noticable difference in lower taxes?
well? when they were decreased on them? the markets tanked.
WTF?
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by glassman: So your saying that when Obama increases the taxes on our most productive citizens, the rest of us are going to see a noticable difference in lower taxes?
well? when they were decreased on them? the markets tanked.
WTF?
You think there's a link between bushes tax cuts and the market collapse? Did Bush give tax cuts to the chinese and japanese too? Cause their markets are collapsing too.
Maybe the market was due for a severe correction and this is it.
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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posted
And maybe the reason the markets were due to severe correction was the lower taxes.
At any rate, your failure (or mine or anyone else's) to understand what brings on a mareket failure is not sufficient reason to attribute it to something youj are arguing against. Moreover, the market, in spite of the worship of "its magic" by generations of investors that can not understand what controls it, is controlled by something, whether of not we know what that is.
The markets around the world other than ours collapsed in response to ours collapsing, much as each acrobat in a team of acrobats collapses when the one on the bottom of their five person stack does.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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quote:Originally posted by glassman: So your saying that when Obama increases the taxes on our most productive citizens, the rest of us are going to see a noticable difference in lower taxes?
well? when they were decreased on them? the markets tanked.
WTF?
You think there's a link between bushes tax cuts and the market collapse? Did Bush give tax cuts to the chinese and japanese too? Cause their markets are collapsing too.
Maybe the market was due for a severe correction and this is it.
Hopefully you aren't invested in the markets. Because you seem to be unaware of the facts. The USA has the world's largest economy, when it stumbles, it has a global effect. Hope that clears things up for you.
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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posted
Good by king george it is going to be a much better country without you and your wimpy hump back side kick.
I hope you meet you end in a sump full of human waste and I wish i could have voted with the folks in the san fransico area that wanted to name a public sewer after you. It almost passed.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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quote:Originally posted by Lockman: Ooooh thanks for the education.
Now that we know the Bush tax cuts were the reason for the economic collapse, it will be a quick fix.
Just tax the most successful of us and give it to the less successful and everything will be OK.
this is typical limbugger logic.
the idea behind reducing taxes on the wealthy was the trickle down effect, or "supply side economics".
the guy who implemented it was Reagan, look it up read about it and learn the truth.
The extreme promises of supply-side economics did not materialize. President Reagan argued that because of the effect depicted in the Laffer curve, the government could maintain expenditures, cut tax rates, and balance the budget. This was not the case. Government revenues fell sharply from levels that would have been realized without the tax cuts. - Karl Case & Ray Fair, Principles of Economics (2007), p. 695.[11]
it's well understood amongst people that have reviewed it, to be a failure..
i don't like paying taxes, i don't want to...
but the money was spent already and instead of a boom? we busted bad...
Supply-side economists have less to say on the effects of deficits, and sometimes cite Robert Barro’s work that states that rational economic actors will buy bonds in sufficient quantities to reduce long term interest rates.[2] Critics argue that standard exchange rate theory would predict, instead, a devaluation of the currency of the nation running the high budget deficit, and eventual "crowding out" of private investment.
loss of private investment means the Govt has to step in? D'OH....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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