Would Obama tax my profits if I sell my home? Would he tax my IRA? Would he tax my water?

[babylonsister]

The answer is no:

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

big snip//

No. A new e-mail being circulated about Obama's tax proposals is almost entirely false.
Alert readers may already have noted that this chain e-mail does not provide links to any of Obama's actual proposals or cite any sources for the claims it makes. That is because they are made up.This widely distributed message is so full of misinformation that we find it impossible to believe that it is the result of simple ignorance or carelessness on the part of the writer. Almost nothing it says about Obama's tax proposals is true. We conclude that this deception is deliberate.

Our own sources for the following are Obama's own Web site and other statements, interviews with Obama's policy advisers, and a comprehensive analysis of both the McCain and Obama tax plans produced by the Urban-Brookings Tax Policy Center, plus additional sources to which we have provided links.Home Sales: The claim that Obama would impose a 28 percent tax on the profit from "all home sales" is false. Both Obama and McCain would continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple filing jointly) which results in zero tax on all but a very few home sales.

* Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent. And as for a 28 percent rate, he added, "my guess would be it would be significantly lower than that." Furthermore, he has said only couples making $250,000 or more (or, his policy advisers tell us, singles making more than $200,000) would pay the higher capital gains rate. That means the large majority of persons who pay capital gains taxes would see no increase at all.

lots more...

[Skink]

1. He might tax the heat.

[LiberalFighter]

2. The IRS might tax the profit from your home or money from your IRA depending on current tax laws.

[babylonsister]

3. There are viral e-mails going around touting McBush's plan, thus the response:

From the link in the OP.


I was just sent this and it had 100s of names attached and forwarded over and over – is it real?

Subject: Important read - Taxes
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

lots more...

[NYC_SKP]

4. check this out, my girlfriend is a fourth grade teacher and asked her kids

...who they thought their parents were supporting.

Over summer school with different kids it was almost all Obama.

Today it was McCain, all but three.

Asked for reasons:

He'll tax us too much

His church doesn't worship Christ

Hillary got a raw deal

and, my favorite, from three kids, "we don't want a black president"

I almost started a thread but it was too much of a downer.

On the bright side, this is from kids who live in a part of California where this type of attitude is typical.

Let's keep our chins up! :thumbsup: Thumbs, too!

[babylonsister]

5. That sucks so bad. nt