Well, Cabo35,

Even though you put out a call in your thread for posters with financial expertise, you got me anyway. Actually, you got me with the title of the thread. I have had great concerns about this one, even before the obscenity of this economic mess came home to roost. I have no financial expertise but somehow, bumpkin though I may be, I saw this one coming. I have an interest in this stuff.

Taxes may be the issue that causes always moderate Republican me to tear up that “Dear John” letter I wrote when he made the VP choice. I cannot decide if I am going to have to forgive him or if, in light of all the mess, all bets are off anyway, and they will all tax us into oblivion, in one way or another.

I honestly do not know what I will do with my vote. I did figure out though why I have been forced to beat myself up so much over this one. A couple of weeks ago, I saw something discussing what has happened with gerrymandering over the years. The idea being that gerrymandering gone wild is what has led us to what is turning into extremist politics. And all that gerrymandering has also made it almost impossible to throw the bums out. But I digress.

So anyway, I just wanted to add here what I recently read as a boil down on the candidates’ tax proposals. The source is a little 16-page publication that I subscribe to.


From Kiplinger’s Retirement Report, October 2008, p. 15:

The Candidates’ Tax Proposals

The lead says, “This comparison, drawn from official documents, lays out the presidential candidates’ major ideas.”

McCain: Income Tax
Maintain current tax rates of 10% to 35%.

McCain: Capital Gains/Dividends:
Keep maximum at 15%.

McCain: New Tax Cuts
Immediately double the dependency exemption to $7,000 for married couples with incomes less that $50,000; gradually increase it for higher earners.

McCain: Estate Tax
Raise exclusion to $5 million per person; cut rate to 15%.

McCain: Social Security
No change in taxable wage base.


Obama: Income Tax
Boost top tax rate to 39.6% on joint income more than $250,000

Obama: Capital Gains/Dividends
Raise maximum to 20%, but only for investors with incomes more than $250,000

Obama: New Tax Cuts
$1,000 rebate to offset high energy costs; up to $1,000 credit to offset Social Security taxes for low wage earners; eliminate income tax for seniors making less than $50,000; double college credit to $4,000.

Obama: Estate Tax
Set exclusion at 3.5 million per person; keep rate at 45%

Obama: Social Security
Impose added tax on earnings exceeding $250,000


Well, at least that's what was supposedly going on when the issue went to press anyway. Who knows how it has changed, only to change again.

I am still watching this closely. And still thinking. . .far too much.

Boomer