Diary

Obama - you can't afford him

I am sorry Mr. Obama – I cannot vote for you.If your proposed tax increases go through Iwill have to close my business.

Not only will you lose the extra $40,000 youwould have made off of me but you have lostthe taxes that would have been paid on the$600,000 in wages I paid. So sorry to sayI cannot contribute my share of $2400 tothe federal bail out bill. I have cashed in allmy stocks and I am now stocking up onammo and rations. Good luck with your plans.

Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX

MCCAIN0% on home sales up to $500,000per home (couples) McCain does notpropose any change in existing home sales income tax.

OBAMA28% on profit from ALL home sales

How does this affect you? If you sell your home and make a profit, youwill pay 28% of your gain on taxes. If you are heading toward retirementand would like to down-size yourhome or move into a retirementcommunity, 28% of the money you make from your home will go to taxes. Thisproposal will adversely affect the elderly who are counting on the incomefrom 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 stockmarket, IRA, mutual funds, college funds, life insurance, retirementaccounts, or anything that pays or reinvests dividends, you will nowbe 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 yetdo absolutely nothing to cut the deficit.

INCOME TAX

MCCAIN (no changes)

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

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

Under Obama your taxes will more than double!How does this affect you? No explanation needed. This is prettystraight 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MCCAIN 0% (No change, Bush repealed this tax)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 familiesfor generations because they could not afford the inheritance tax.Those willing their assets to loved ones will not only lose them tothese taxes.

NEW TAXES BEING PROPOSED BY OBAMA

  • New government taxes proposed onhomes that are more than2400 square feet

  • New gasoline taxes (as if gas weren’t high enough already)

  • New taxes on natural resources consumption (heatinggas, water, electricity)

  • New taxes on retirement accounts and last but not least….

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