Didnt anyone watch Michelle Obama? Did anyone care?

[SD Realtor]

svelte I could not agree more. Deficit spending is ridiculous. If I made any implication that the repubes were fiscally responsible please let me know as that was not the intent. If Obama were to significantly raise taxes simply to pay down the deficit I would indeed vote for him in A HEARTBEAT.

However my belief again, and you perhaps can correct me if I am wrong, is that his intention is to establish larger federal programs with the increased tax revenue. If I have missed where he has pledged to pay down the deficit and not establish additional programs please let me know.

Again, this is far from an endorsement of McCain so please don’t take it to be one as that is not the intention.

[Coronita]

[quote]

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

[/quote]

I don’t think this is accurate. My understanding is the inheritance tax exclusion amount is a rotating thing, starting in 2002 with $1 million exclusion, and then every two years an addition $1/2 million exclusion, up to 2009 which is $3.5 million. In 2010, there will be no inheritance tax…if you die that year, lucky you…Actually, lucky are your heirs… :(. But, starting in 2011, it goes back to $1million exemption. And there is not indication if thereafter, the exemption will increase every two years or the $1million exemption stays or a higher limit is imposed.

Bush/republicans tried to make the repeal of the inheritance tax permanent i think. But that bill failed to pass in 2006 when I believe it was combined with a minimum wage bill.

So in fairness to Obama and McCain, neither of them are really a reimposing a higher estate taxes. If either of them don’t do anything, it automatically reverts to a higher taxable amount.

Now what I understand the difference between obama and mccain is is that

McCain wants to make the exclusion amount $5million and cap estate taxes at 15% thereafter

Obama wants to make the exclusion amount $3.5million
and maintain the maximum estate tax rate at 45%

In either case, it still would need to go through Congress, making this really a moot point right now.

Also, it’s really a moot points, because there are additional ways to shelter inheritance above the exclusion rates that has to do a lot with doing various types of trusts, annuities,insurance, etc..all of which is too complicated for me with a peon sized brain to explain, but very rich people’s estate attorney probably is really well versed in.

BTW: the comparison between McCain and Obama in terms of tax was posted at Snopes and indicated to be erroneous in numerous ways.
http://www.snopes.com/politics/obama/taxes.asp

[Coronita]

[quote]

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

[/quote]

I don’t think this is accurate. My understanding is the inheritance tax exclusion amount is a rotating thing, starting in 2002 with $1 million exclusion, and then every two years an addition $1/2 million exclusion, up to 2009 which is $3.5 million. In 2010, there will be no inheritance tax…if you die that year, lucky you…Actually, lucky are your heirs… :(. But, starting in 2011, it goes back to $1million exemption. And there is not indication if thereafter, the exemption will increase every two years or the $1million exemption stays or a higher limit is imposed.

Bush/republicans tried to make the repeal of the inheritance tax permanent i think. But that bill failed to pass in 2006 when I believe it was combined with a minimum wage bill.

So in fairness to Obama and McCain, neither of them are really a reimposing a higher estate taxes. If either of them don’t do anything, it automatically reverts to a higher taxable amount.

Now what I understand the difference between obama and mccain is is that

McCain wants to make the exclusion amount $5million and cap estate taxes at 15% thereafter

Obama wants to make the exclusion amount $3.5million
and maintain the maximum estate tax rate at 45%

In either case, it still would need to go through Congress, making this really a moot point right now.

Also, it’s really a moot points, because there are additional ways to shelter inheritance above the exclusion rates that has to do a lot with doing various types of trusts, annuities,insurance, etc..all of which is too complicated for me with a peon sized brain to explain, but very rich people’s estate attorney probably is really well versed in.

BTW: the comparison between McCain and Obama in terms of tax was posted at Snopes and indicated to be erroneous in numerous ways.
http://www.snopes.com/politics/obama/taxes.asp

[Coronita]

[quote]

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

[/quote]

I don’t think this is accurate. My understanding is the inheritance tax exclusion amount is a rotating thing, starting in 2002 with $1 million exclusion, and then every two years an addition $1/2 million exclusion, up to 2009 which is $3.5 million. In 2010, there will be no inheritance tax…if you die that year, lucky you…Actually, lucky are your heirs… :(. But, starting in 2011, it goes back to $1million exemption. And there is not indication if thereafter, the exemption will increase every two years or the $1million exemption stays or a higher limit is imposed.

Bush/republicans tried to make the repeal of the inheritance tax permanent i think. But that bill failed to pass in 2006 when I believe it was combined with a minimum wage bill.

So in fairness to Obama and McCain, neither of them are really a reimposing a higher estate taxes. If either of them don’t do anything, it automatically reverts to a higher taxable amount.

Now what I understand the difference between obama and mccain is is that

McCain wants to make the exclusion amount $5million and cap estate taxes at 15% thereafter

Obama wants to make the exclusion amount $3.5million
and maintain the maximum estate tax rate at 45%

In either case, it still would need to go through Congress, making this really a moot point right now.

Also, it’s really a moot points, because there are additional ways to shelter inheritance above the exclusion rates that has to do a lot with doing various types of trusts, annuities,insurance, etc..all of which is too complicated for me with a peon sized brain to explain, but very rich people’s estate attorney probably is really well versed in.

BTW: the comparison between McCain and Obama in terms of tax was posted at Snopes and indicated to be erroneous in numerous ways.
http://www.snopes.com/politics/obama/taxes.asp

[Coronita]

[quote]

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

[/quote]

I don’t think this is accurate. My understanding is the inheritance tax exclusion amount is a rotating thing, starting in 2002 with $1 million exclusion, and then every two years an addition $1/2 million exclusion, up to 2009 which is $3.5 million. In 2010, there will be no inheritance tax…if you die that year, lucky you…Actually, lucky are your heirs… :(. But, starting in 2011, it goes back to $1million exemption. And there is not indication if thereafter, the exemption will increase every two years or the $1million exemption stays or a higher limit is imposed.

Bush/republicans tried to make the repeal of the inheritance tax permanent i think. But that bill failed to pass in 2006 when I believe it was combined with a minimum wage bill.

So in fairness to Obama and McCain, neither of them are really a reimposing a higher estate taxes. If either of them don’t do anything, it automatically reverts to a higher taxable amount.

Now what I understand the difference between obama and mccain is is that

McCain wants to make the exclusion amount $5million and cap estate taxes at 15% thereafter

Obama wants to make the exclusion amount $3.5million
and maintain the maximum estate tax rate at 45%

In either case, it still would need to go through Congress, making this really a moot point right now.

Also, it’s really a moot points, because there are additional ways to shelter inheritance above the exclusion rates that has to do a lot with doing various types of trusts, annuities,insurance, etc..all of which is too complicated for me with a peon sized brain to explain, but very rich people’s estate attorney probably is really well versed in.

BTW: the comparison between McCain and Obama in terms of tax was posted at Snopes and indicated to be erroneous in numerous ways.
http://www.snopes.com/politics/obama/taxes.asp

[Coronita]

[quote]

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

[/quote]

I don’t think this is accurate. My understanding is the inheritance tax exclusion amount is a rotating thing, starting in 2002 with $1 million exclusion, and then every two years an addition $1/2 million exclusion, up to 2009 which is $3.5 million. In 2010, there will be no inheritance tax…if you die that year, lucky you…Actually, lucky are your heirs… :(. But, starting in 2011, it goes back to $1million exemption. And there is not indication if thereafter, the exemption will increase every two years or the $1million exemption stays or a higher limit is imposed.

Bush/republicans tried to make the repeal of the inheritance tax permanent i think. But that bill failed to pass in 2006 when I believe it was combined with a minimum wage bill.

So in fairness to Obama and McCain, neither of them are really a reimposing a higher estate taxes. If either of them don’t do anything, it automatically reverts to a higher taxable amount.

Now what I understand the difference between obama and mccain is is that

McCain wants to make the exclusion amount $5million and cap estate taxes at 15% thereafter

Obama wants to make the exclusion amount $3.5million
and maintain the maximum estate tax rate at 45%

In either case, it still would need to go through Congress, making this really a moot point right now.

Also, it’s really a moot points, because there are additional ways to shelter inheritance above the exclusion rates that has to do a lot with doing various types of trusts, annuities,insurance, etc..all of which is too complicated for me with a peon sized brain to explain, but very rich people’s estate attorney probably is really well versed in.

BTW: the comparison between McCain and Obama in terms of tax was posted at Snopes and indicated to be erroneous in numerous ways.
http://www.snopes.com/politics/obama/taxes.asp

[renterclint]

Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[renterclint]

Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[renterclint]

Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[renterclint]

Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[renterclint]

Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[Coronita]

[quote=renterclint]Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[/quote]

Actually, Obama’s tax plan will impact the upper middle class, not just the wealthy, but that’s beside the point. The posting comparing tax plans was an email many received and has various inconsistencies, as pointed out pretty when at that snopes.com link I posted.

[Coronita]

[quote=renterclint]Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[/quote]

Actually, Obama’s tax plan will impact the upper middle class, not just the wealthy, but that’s beside the point. The posting comparing tax plans was an email many received and has various inconsistencies, as pointed out pretty when at that snopes.com link I posted.

[Coronita]

[quote=renterclint]Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[/quote]

Actually, Obama’s tax plan will impact the upper middle class, not just the wealthy, but that’s beside the point. The posting comparing tax plans was an email many received and has various inconsistencies, as pointed out pretty when at that snopes.com link I posted.

[Coronita]

[quote=renterclint]Mark Holmes,
I have agreed with almost everything you’ve said on this thread.

Michelle O gave a solid speech & how cute are those kids! Political issues aside – my kids are their age, and I couldn’t help but feel like I identified w/ Obama even more after seeing them up there as a family.

Ex-SD
I loved your post – it was in true Piggington form laying out your facts as you did, and you even supplied reference links. Your points fall short however, and they are MISLEADING at best.

First, I had difficulty finding the sources of your facts when I clicked the links you provided.

DIVIDEND TAX – 39.6% tax is only for the wealthy located at the top tax bracket. Obama is basically back to treating divs like ordinary income. Middle class will not be impacted much by this.

ESTATE TAX – don’t forget the lifetime exclusion of $1mill to taxpayers as well as spousal step-up in basis. Even when reinstated the estate tax this will mostly only impact the very wealthy.

INCOME TAX – According to your CNN link, Obama only proposes rolling-back (increasing) tax rates on the top two brackets & the lower brackets would remain unchanged. This means you would have to make about $250k married or $150k single before you see an increase in your tax due to rate changes.

CAP GAINS – your most compelling point was regarding tax on gain of principal residence. I did see in your sources mentioning of cap gain increases for wealthy, but I couldn’t find anything about lifting the $500k exclusion. Can you specifically point out where you got this info?

PAYROLL TAX – I’m not sure you mentioned that one, and admittedly it’s a doozy for the wealthy making over $250k (MFJ), but if you’ve got a better way of saving Soc Sec, get Barack on the batphone quick.

Overall, Obama is increasing taxes on the wealthy and leaving middle-class alone. In fact, I did not even touch on the tax breaks he is offering the middle class.

Hear me now & believe me later…
OBAMA WILL DECREASE INCOME TAX FOR THE MIDDLE CLASS. (under $250k MFJ)

OBAMA WILL INCREASE INCOME TAX FOR THE WEALTHY.

[/quote]

Actually, Obama’s tax plan will impact the upper middle class, not just the wealthy, but that’s beside the point. The posting comparing tax plans was an email many received and has various inconsistencies, as pointed out pretty when at that snopes.com link I posted.

[Author]

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