CAPITAL GAINS TAX
0% on home sales up to $500,000 per home (couples).
McCain does not propose any change in existing home sales income tax.
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.
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 becomes 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'.
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
(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