[quote=CONCHO]
Remember that we have progressive taxation. So, let’s say you go from a $250K to a $300K TAXABLE INCOME (after mortgage interest deduction, business expenses, 401K contributions, etc…). Under Obama’s plan you will pay an additional 3% (from 36% to 39%) on that 50K ONLY. That works out to an additional $1500. Somehow I don’t think people are going to stop trying to earn more money just to avoid paying that small amount of extra tax.
And as I’ve said before on this board, if you have $250K annual TAXABLE INCOME (not gross), you are doing allright and I’m not gonna worry about you.[/quote]
We’re talking about capital gain tax, not ordinary income tax. So, the difference is huge. If both keep their words and you’ve made $250k in capital gain next year, w/ McCain as president, you’ll pay ~$19k-$25k in taxes. With Obama, you’ll pay $50k-$70k in taxes.
