Obama vs McCain - Are you aware of all this????

By
Real Estate Agent with Network Real Estate, Inc. PB00001682

I just received this email from a friend and I pretty much knew most of it, BUT, there are definitely some SCARY Real Estate Issues involved here folks.  If you think any of this is inaccurate, let me know. 

ISSUE

JOHN McCAIN

BARACK OBAMA

Favors new drilling offshore in USA

Yes

No

Appoint conservative Supreme Court Judges who interpret the law only

Yes

No

Military Service (Active and/or Inactive)

Yes

No

Time in US Senate

22 YEARS

173 DAYS

Advocates Socialized Medicine

No

Yes

Supports abortion (including 'partial birth')

No

Yes

Troops out of Iraq now

No

Yes

Supports 2nd Amendment Gun Rights

Yes

No

Supports homosexual marriage

No

Yes

Overall programs require large tax increases

No

Yes

Supports English as the official language

Yes

No

Social Security benefits to illegal felons?

No

Yes

HOME SALES TAX

MCCAIN

0% on home sales up to $500,000 per home (couples) and no  tax increase for all other existing home sales.

OBAMA

28% on profit from all home sales, a MAJOR 'hit' affecting retirees downsizing for equity transfer to retirement.

STOCK DIVIDEND TAX

MCCAIN

15% (no change)

OBAMA

24.6% increase to 39.6%

GENERAL 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 back 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, taxes almost double!

INHERITANCE TAX

MCCAIN

0% (No change to previous Bush repeal of Inheritance Tax

OBAMA

Wants to restore the inheritance tax, a HUGE hit to long-term family held business and properties lost due to inability to pay exorbitant inheritance taxes.  Multiple properties going into receivership, often sell for 50 cents on the dollar.

NEW TAXES PROPOSED BY OBAMA

  • New federal 'luxury' tax proposed on homes that are more than 2400 square feet.
  • Additional federal gasoline tax. 
  • New federal tax on natural gas, water and  electricity. 
  • New tax on retirement accounts.
  • New, across the board general taxes to pay for socialized medical benefits, including to illegals.
       

Above information may be verified at the following sites:

http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/

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Anonymous
Anonymous

I'm not even voting for Obama - but alot of this isn't true.  You can't trust crap like this

Nov 03, 2008 05:30 AM #1
Anonymous
Anonymous

The dividend rate will be 20% for those making over $250,000.  Also, for estates over $7 million per couple (0.3% of estates) the rate will be 45%.  That's a freakin' crime.  For everyone else there will be no estate tax. 

Nov 03, 2008 05:35 AM #2
Rainer
66,659
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

THANKS for the comments.  My biggest concern was the 28% capital gains tax on the sale of a home.  That was repealed back in '89 I believe.  Bringing that back would be a disaster!!

Nov 03, 2008 05:40 AM #3
Rainmaker
3,977,733
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

the estate taxes give no incentive to do well into your olkd age.

Nov 03, 2008 05:52 AM #4
Rainer
66,659
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

10-4 on that William.  Best thing is to move the business Off Shore and out of the U.S.  That's probably going to be prevalent.

Nov 03, 2008 05:55 AM #5
Rainmaker
174,463
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

You might as well leave now, because there will be nothing left here in the Soviet Union.

Richard

Nov 03, 2008 01:49 PM #6
Rainer
38,809
Michelle Chamberlain
Above All Financial Services -Pennsylvania Mortgage Broker - Secane, PA
Suburban Philadelphia Mortgage Broker

I like the one comment about a lot of this being untrue but nothing to back it up.  That's what a lot of people don't get about the Obama plan.  He may lower income tax rates but he is making up for them elsewhere.  How are we gonna get the real estate market back on track with a 28% tax on the profit of homesales?  There is no incentive for anyone to move up or down.

Michelle

Nov 03, 2008 02:38 PM #7
Rainer
66,659
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

Michelle...I HOPE that is bad information.  Surely to God our Congress won't be THAT STUPID!  If they do...I just hope there are enough people left in this country without brain damage that will bring a grass roots IMPEACHMENT MOVEMENT to remove everyone from office!!!!!!

Nov 04, 2008 05:03 AM #8
Rainmaker
1,115,854
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Nothing after the election, David?

I didn't read through all of it because it's post-election stuff, but I can tell you that Obama does not support gay marriage. We're working on him on that point, though. Stay tuned.

Dec 20, 2008 11:03 AM #9
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David W. Bolick

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