Help me refute this e-mail please

[Minimus]

My sister sent me the following e-mail that a friend sent to her:


My friends want to know if this is true.....I have them deferring to you before they 'pass it on'!!

Its a start for the truth.

Love you



From: [e-mail]
To: [e-mail]
Subject: FW: Thoughts on CHANGE
Date: Tue, 15 Jul 2008 14:19:07 +0000


xxx...is this true...send it to your sister and ask her opinion...xxx


Read very carefully, it’s your future.


If you want "CHANGE" - - this will do it.

Pass this on to your voting friends - of all political parties.

CAPITAL GAINS TAX

MCCAIN
Current 0% on home sales up to $500,000 per home (couples)

McCain does not propose any change in income tax on existing home sales

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% taxes on your profit (Capital Gain).
If yo u are planning to retire and would like to down-size your home or move into a retirement community

28% of the money you make (CAPITAL GAIN) from your home will go to taxes.

This proposal will adversely affect retiring couples who are counting on the income (CAPITAL GAIN that is currently exempt from income tax) from their home 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, 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 yet do 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 ? ( CLINTON TAX INCREASES WOULD BE REINSTATED)
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MCCAIN 0% (No change, Bush repealed this tax)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, 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 lose them 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 weren'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!!!


Don’t forget:

ACCORDING TO NANCY PELOSI we also need to increase Social Security payroll deductions (FICA), so illegals don’t have to pay but can take it back home with them and retire in luxury.

Yes, VOTE DUMBOCRAT IN 2008! But take me with you to your deserted island.

[PBS Poll-435]

1. Even easier than refuting that garbage.

Hit delete.

Send a fresh e-mail to whomever sent it to you.

Ask them how the last 8 years are working out for them.

Wait patiently for a response.

Keep waiting.

Keep waiting.

(Please remember to eat and keep hydrated during the waiting period!)

[EmperorHasNoClothes]

2. It's difficult to know where to begin.

How about this: it's almost entirely lies. Obama's website details his fiscal proposals.

[Minimus]

7. Where to start is right..

I know it is a bunch of lies and I do have a great chart about McCain vs Obama on family income taxes (posted on DU yesterday) but I was looking for something concrete - especially about the other issues mentioned in the e-mail: inheritance tax, "new taxes", etc.

[rox63]

3. Stop spreading RW crap all over our nice clean forum

If you've taken even a brief glance at Obama's web site, there is plenty there to refute these lies.

[Minimus]

6. Excuse me?

My intent was not to spread RW crap but to honestly seek information that I can provide to my sister so she can spread the truth.

I have taken more than a brief glance at Obama's web site and I have gathered some information but not all of the issues are addressed.

Thanks for your reply.

[medeak]

4. thanks for letting us know

Campaign needs to know of the latest ...

[NoGOPZone]

5. Start Here

http://factcheck.barackobama.com/factcheck/2008/06/10/mccain_tax.php

[lojasmo]

8. Bullshit, every bit of it.

I'm not going to bother helping you refute it. Go to Obama's web site.

*Sigh* I'm weak willed.

http://taxprof.typepad.com/taxprof_blog/2008/06/comparison-of-t.html

But yes....Obama is proposing to raise CGT to the level that Reagan signed into law.

[Minimus]

9. This link is perfect. Thank you very much!

[EstimatedProphet]

10. It lost me right here...

If you sell your home and make a profit,

Who the fuck is doing that these days, with what the Republicans have done to us all?

[NattPang]

11. The Capital Gains tax Obama is thinking about increasing

has nothing to do with the sale of one's residence.
That is still excluded (to a generous limit)
as it has been for some time now.

Plus the tax law has always been that if you sell your home,
but replace within a 24 month period with a home costing
as much or more, than there is no gain.

It has more to do with the sale of stocks.

[eissa]

12. Hope this helps

From the Chicago Sun-Times:

http://www.suntimes.com/news/politics/obama/1031268,CST-NWS-tax30.article

This link has a graphic/table diagram:

http://www.suntimes.com/news/politics/obama/1031678,obamamccaintaxplans.article

Mainly:

John McCain's tax plans would have everybody pay a little less in taxes with the wealthiest paying a lot less. Barack Obama's plan would have a the wealthy pay a lot more and would give middle- and lower-income people bigger breaks than McCain's plans. Obama would raise income and capital gains taxes on earners over $250,000. McCain would cut the estate tax. Obama would raise it on estates over $3.5 million.

Impact of tax changes on federal budget: Obama's Plan: Returns $700 billion . McCain's Plan: Costs $600 billion