Real Estate Tax email going around.

The following is an email I received from a friend. It speculates as to what will happen with Real Estate related taxes depending upon who is elected. Again I will stress that it is shear speculation.

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  INHERITANCE TAX   MCCAIN 0% (No change, Bush repealed this tax)  OBAMA Restore the inheritance tax  How does this affect you?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 resour ces  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!!!