Is Obama going to change the capital gains tax you could owe on

[napi21]

profits from selling your house? I did a number of searches and I can't find anything where he refers to realestate capital gains. I know he supports increasing cap. gains on dividends from stocks and profits from stock sales.

Once AGAIN I got another email from a Pub friend that included THIS statement:

McCAIN


McCain does not propose any change in income tax on existing home sales

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% taxes on your profit (Capital Gain).

If you are planning to retire and would like to down-size your home or move into a retirement community 28% of the money you make (CAPITAL GAIN) from your home will go to taxes under Obama’s plan.


This proposal will adversely affect retiring couples who are counting on the income (CAPITAL GAIN that is currently exempt from income tax)

from their home as part of their retirement income.


I already found lies in most of the other statements in that email, but I can't find any info on taxes on existing home sales.

Sorry to be a PIA, but I really believe the best way we can confront these email lies is to "reply to all" with the documented facts!

[alcibiades_mystery]

1. How many Republican emails are you going to post today?

30? 40?

[napi21]

3. Sorry. I only got 2. If my requests bother you, just ignore them. n/t

[alcibiades_mystery]

7. In the last one, you were directed toward Snopes

Why not snopes this one?

Or are you merely incapable of checking out things yourself?

[yourout]

2. If memory serves you get a one time capitol gain exemption on a home sale but I could be wrong.

[napi21]

5. never mind. I found the information on Snopes.

http://www.snopes.com/politics/obama/taxes.asp

I'm going to have to learn how to search snopes better. I found this link by accident when I googled existing home sales capital gains tax.

Thanks for your help.

[RB TexLa]

6. I'm glad someone posted that because if you file separately, you can each sell a house

with the exemption.

[EmperorHasNoClothes]

4. Snopes is your friend

http://www.snopes.com/politics/obama/taxes.asp

[jazzjunkysue]

8. nice try.

But if you're supporting Gramps, you're the one being deceived. Spreading deception won't work. Only spreading truth works.

[KarenS]

9. selling, house, profit,,,,,,

these three words do not fit together in the same sentence anymore, unless, of course, there are lots of little negative words mixed in.

Maybe it's better where you are :shrug:

[clgoff]

10. Taxes

Capital gains tax will go up on people making over 250,000/year - but that really means everyone because of the trickle down. When the higher income folks who run businesses have to pay out more for any kind of tax, they simply pass on their loss of income to everyone else by charging more for the products and services they sell or by keeping the wages of their employees low. Obama also wants to raise gas tax, income tax, death tax and every other kind of tax....who is giving him this poor and destructive advice?

[Robb]

11. Taxey Claus?

:D

[clgoff]

12. More on taxes and keeping more of your money

http://election2008bank.blogspot.com/

[Name removed]

15. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Name removed]

14. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Dr.Phool]

16. I think you're full of shit.

If trickle down worked, we wouldn't be running record deficits, wages would be up, there'd be no foreclosures, and the streets would be paved with gold.

Someone posted the other morning, on the stock market thread, that back in the 1890's, the called trickle down economics "Horse and Sparrow" economics, based on the idea that if you feed a horse enough oats, some would make it through to feed the sparrows.

In other words, cut taxes on the rich, and the rest of us can eat shit.

[NNN0LHI]

13. deleted by poster

[norepubsin08]

17. I hope he jacks it up in a

progressive manner. I think that anyone with over 500,000 should pay an increasingly higher tax on the gains the higher the gain is.