McCain and Obama by the Numbers
We have heard an awful lot about change and reform this election from both candidates. But as Rudy Giuliani noted last night, there is good change and there is bad change. I have gathered some data from both candidates, which has been confirmed by their own statements, and have reproduced it below.
You can see my main concern about Barack Obama. As a friend told me once, “Barack Obama is like a Ferrari; I like him, I just can’t afford him.” That basically sums up my thoughts entirely. I think Sen. Obama is a nice guy. He’s clearly bright, and even though he’s dealt with some shady characters in Chicago before, I don’t think he is corrupt or lecherous like Clinton and Edwards.
I do think his economic policy would crash our economy. Normally I wouldn’t be worried about this because Congress controls the purse strings, not the President. But since there is a real possibility of the Democrats getting a super majority in the Senate, an Obama Administration COULD be able to pass all of the proposals below.
Without further ado:
Capital Gains Tax
McCain – O% on home sales up to $500,000 (per couple). No change.
Obama – 28% on ALL home sales, regardless of price or income. So when you sell your house, the government gets 28%. This is particularly difficult for the elderly that want to downsize their houses and use surplus as retirement income.
Dividend Tax
McCain – 15% (no change). Personally I think this is too much.
Obama – 39.6%. So basically, if you have any stocks, IRAs, retirement funds, mutual funds, or any account that pays and reinvests dividends, you will be paying 40% tax. The word on Wall Street is that this would substantially decrease the profit in stock acquisition, which could lead to a collapse in stocks, and the under capitalization of American companies. For the less versed in economics, this means unemployement, inflation, and failing banks.
Income Tax
McCain – No change. This will maintain the Bush Tax Cuts.
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 – Repeals the Buch 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 could almost double!
Inheritance Tax
McCain – 0%. President Bush repealed this tax.
Obama – Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
New Taxes
Obama has proposed new taxes for homes over 2,400 sqft, gasoline taxes (we already pay 15 cents/gallon), retirement account tax, natural resources, medical services, and others.
Excellent analysis. Thanks!
Actually I like all four presidential contenders.
McCain is a maverick.
Palin is inexperienced, but a quick study, and nobody’s fool.
Obama is dedicated to helping Americans on the home front.
Biden has a long history of experience with foreign affairs.
What it comes down to for me is:
WHICH CANDIDATES PROMISE TO END THE HUNDREDS
OF BILLIONS OF OF DOLLARS BEING POURED DOWN
THE DRAIN in Iraq, and which want to continue the war effort,
no end, no horizon in sight.
For that crucial issue, the Obama team wins hands down.
My humble opinion.
Sorry, Sarah!
We will be out of Iraq in about 18 months regardless of who wins. We’ve handed over most of Iraq already and their forces are now largely up to snuff. They want us to go home soon and our generals are reccomending we begin withdrawing troops.
More good news – The Iraqis have been placing huge orders for military hardware from the US. That will recoup at least some of the money we put into Iraq.