Sell Now or Wait 5 Years

I am consumed with homework this semester so I have slacked on the blogging but this email got me so riled up that I had to take a break from my case studies to post this. I swear I will move to New Zealand if this man is elected. And if you support him, don't cry when you sell your home and the government gets 28%.

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 the 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 in 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 the stock market, IRAs, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends,you will now be paying nearly 40% in taxes on the money you earned, if Obama becomes president.
Experts predict that higher tax rates on dividends and capital gains would crash the stock market, while doing 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MCCAIN 0% (No change - Bush repealed this tax)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. What you leave your loved ones in your will, they will lose 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 wasn’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!!!