Presidential Candidates Tax Plans

With the election news running hot and heavy, I received a summary of some of the tax proposals put forward by John McCain and Barak Obama.

The ones of particular interest to home owners are the capital gains tax when you sell your home and dividend taxes.

These proposals are undoubtedly subject to change but for now this is what the candidates appear to be saying.

We are in for an interesting ride.

Richard

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INTERESTING DATA ON TAXES

Proposed changes in taxes after the 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, CDs, 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.