
Side by side...
Dueling Tax Plans:
TYPE Current McCain Obama
Capital Gains 15% 15% 20%
Dividends 15% 15% 20%
Income/Payroll (High) 35% 35% 43-45%
Estate Tax 45% 15% 45%
Corporate Tax 35% 25% 35%
(...from CNN this morning.)
Why does any of it matter?
Notice Obama raises Capital Gains 5%? THAT is a tax increase he says you're not going to have to pay... unless you cash in a bond, sell a house, start using you're 401k, begin retirement, liquify an asset because you need the cash. Now 5% more of it is going to HIM. For THE ONE to determine how it should be used.
How 'bout those Obamian increases in Income/Payroll taxes? I was publicly disputed with on television the other day in relationship to the percentage rate where I used the 45% figure - though the Obama camp has secretly been using that number for weeks in their projections. So depending on WHO is telling the truth you will now be paying 43-45% if you make above 70k, 120k, 150k, 200k, or 250k. (And you do realize that 45% of 70k - essentially takes your net usuable take home--JUST FROM TAXES--down to 35k for the year.) Feel rich?
How about the Estate Tax that punished your loved ones if you wish to leave them the family farm, shoe shop, dry cleaners, diner, etc? McCain's plan would require you to pay only 15% of your after death taxes, Obama wants to suck the marrow clean at 45%. Gluttony is a sin! But this is a sin that hurts your family for YEARS to come.