Obama Pushes for Higher Investment Taxes

Obama Capitol Gains and Primary Residence

I see all the questions above relating to Obama's stance on capitol gains but I don't see any answers. Can you help answer that please?

Please let me know if Mr. Obama differenciates between capital gains on financial investments and capital gains on a principal residence/home. Does he plan to stay current with IRS Publication 523 or do away with it?

That decision alone I believe would sway many votes especially for the baby boomer generation counting on the investment of their home.

Thanks very much

Brady Folliard of MD @ Aug 29, 2008 09:58:57 AM

Capital Gains

I feel that if you own a business you should have to pay higher capital gains then someone that does not operate a business. Rather they should pay half. Because this is not fair at all!!!

CDB of WA @ Jul 27, 2008 18:19:18 PM

capital gains tax

If we continue on the course we're on with the Bush economy there will be no need to worry about the tax rate, as there will be no gain to tax. I am more worried about what is flying out of my wallet to pay for Bush's oil war (which we lost, we're NOT going to take over the Middle East oil fields). Have you sent a kid to college lately? Have you gone to the E.R. lately, had insurance, and still wind up with a bill of several thousand dollars? As my Daddy said: It's not what you make, it's what you spend.

Tom Nichols of NM @ Jul 25, 2008 15:48:20 PM

Obama Tax Plan

FYI There is a great deal of misinformation being spread about Obama's tax plans. Do yourself a favor and go to his website for details. He has not proposed any changes in the current exemption for personal residences. Under current law, which would continue under Obama's proposals, your primary residence is exempt from a capital gains tax on gains up to $250,000 for individuals and $500,000 for married couples.

After that, a capital gains rate would apply, as it does now. Obama has proposed increasing the rate to somewhere between 20% and 28%, only for taxpayers earning over $250,000/yr., and has since said he is inclined to support a 20% rate. So the rate would likely go from 15% today to 20% under Obama. And the existing opportunity to roll gains over tax free via a 1035 exchange would also continue. So you can sell your home and buy another via a tax free swap.

Sensible Centrist of MD @ Jul 21, 2008 15:38:32 PM

Comaparison of candidates on taxation if elected

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: Increase tax from 15% TO 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 become president.

INCOME TAX

Filing Status McCain plan Obama plan

Single making 30K - $ 4,500 $ 4,800

Single making 50K - $ 12,500 $ 14,000

Single making 75K - $ 18,750 $ 23,000

Married making 60K- $ 9,000 $ 16,800

Married making 75K - $ 18,750 $ 21,000

Married making 125K - $ 31,250 $ 38,750

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 and 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 not only lose them to these taxes.

Dave of IL @ Jul 15, 2008 12:27:07 PM

cap gain

I think it is funny how everyone turns a blind eye to the tax history of our nation, how important the trends are over the last 30 years. the first couple of entries prove how blind the public is to how over taxed we are yet few want to do much about it. yes if you have a 500k gain in your home and you sell it to retire then you will pay a 15% cap gain tax now under mean old pres bush. but that savior of a chap Obama will only have you paying 25-30%, you can give that to the Government can't you?

of @ Jul 02, 2008 12:08:55 PM

Obama......

Obama's goal is to tax as much as possible and then give our government control to spend it freely! With our economy struggling, the last thing we need is for more money to be taken away for unnecessary taxes.

Obama wants the government to control everything, trying to turn us into a socialist country! I pray people have enough brains to NOT vote for him!

There is nothing fair or right about retaxing/taking away from people who have worked hard and been smart with their earnings. To give it to illegal immigrants/people who choose not to work and to live off of others???? I am confused as to why anyone supports Obama!

zack of OH @ Jul 01, 2008 19:21:02 PM

To Kevin of NJ who thinks the rich don't benefit more from gov't services.

The top 10% of earners...don't get any more benefit from federal highways or national defense than the bottom 50% of earners.

Not true. It's not just we who travel on our highways, it's our commerce too, and that top 10% who are getting more benefit from our commerce (that's how they get to be in the top 10%). Regarding benefit from defense, if we were to be invaded by the Chinese, who would be hurt more, the rich or the poor? The rich have far more to lose.

We could be wealthy in a country like Columbia, not pay taxes, and have to hire bodyguards because of all the very poor who have become radicalized and because the government doesn't have the resources to protect them, or we can be wealthy here, pay some of our income in taxes, and live in relative safety in a society which takes care of its poor so they don't want to come after us. I think its a fair trade off (and I'm one of those they might come after, one of those whose taxes are going to go up).

Jeff of IL @ Jun 28, 2008 22:03:14 PM