The George Bush tax cuts, you know, those tax cuts for the ‘rich’ (democratic code word for anyone earning a salary) are not permanent. They are set to expire in the next presidents term. If they expire income taxes will go up for everyone, the tax credit on children will go back down, estate tax (death tax) maximum will go back up to 60%, marriage penalty will be revived, and capital gains taxes will increase. So if you’re married, or have children, or own a house, or have a retirement plan, UNDER AND OBAMA PRESIDENCY YOU ARE SCREWED.

Obama voted against extending the current tax rates in all of these areas.

If Obama wins:

The Bush tax cuts that have played such an integral role in our emergence from the last recession and our admirable growth over the last six years will expire at the end of 2010. That event, if allowed to occur, will represent the largest tax increase in American history-as much as $2 trillion over 10 years by some estimates. This compares with the Clinton tax increase that was scored at $240 billion over five years.

From “Ticking Tax Time Bombs” by Dr. Martin Regalia

Under an Obama presidency, when you sell your home and make a profit, you will pay 28% of your gain on taxes. Under an Obama presidency, if you are looking 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. The elderly, whose home is their biggest investment, GET SCREWED.

Under a McCain tax plan, you will pay zero taxes on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

Under an Obama presidency, 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.

Under a McCain tax plan, the that tax rate stays the same at %15.

Obama doesn’t have to do anything to raise taxes, he doesn’t even have to mention it in his plan, all he has to do is vote present. that’s because its the Congress that decides what plan gets passed. If his doesn’t pass, and they do nothing. Like magic, taxes will increase.

You may also want to research and understand the Alternative Minimum Tax or AMT.

The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax.

The AMT threshold is not indexed for inflation so that over time, the real income threshold declines and the fraction of taxpayers subject to the AMT rises over time. This is known as fiscal drag or bracket creep.

Oh yeah… John McCain will permanently repeal the Alternative Minimum Tax (AMT) — a tax that will be paid nearly exclusively by 25 million middle class families.

Perhaps we should ask Barack his position on taxes.