Obama vs. McCain for my personal tax situation?
We are a married couple, with 2 children. We make approximately $150K (total) per year in salary. We have some small investments and may receive a moderate inheritance in the next 5-10 years (estimate 200K). If we were to receive the inheritance, we would like to start a business “flipping” real estate. My question is, who is the better candidate (purely as it relates to taxes) for us? I have heard that Obama is best if your income is less than $250K (which ours is)…but now I am not sure and entirely confused. Please tell me who is the better candidate for my tax situation.
Well, Obama will double the Capital Gains on those “small investments”, which may delay or diminish your retirement. It will also slam you with Capital Gains every time you “flip” a house.
And he will reinstate the Death Tax, which may affect that inheritance.
And he may increase your Social Security Taxes (depending on the exact distribution of that $150K)
And, before the “tax cut” he is proposing for those under $250K, he is going to let the Bush tax cuts expire – so you may not get a cut until after you get a raise, and the net effect of that has not been fully explained.
If McCain keeps the Bush tax cuts in place, and abolishes the Death Tax, as he has said he wants to, and keeps the Social Security Tax and the Capital Gains Tax at the current rates (which he has not indicated he won’t), you will probably be slightly ahead with McCain.
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