Hoax! "This will change your retirement" e-mail

Click on the title of this blog and it will take you to FactCheck.org for the real facts.

Peace! C

This is the reply I got from my friend who works on the campaign. C-

It is completely fabricated: http://fightthesmears.com/articles/9/obamaandtaxes.

This information is being circulated in many anonymous e-mails. This is what the non-partisan organization FactCheck.org said about it: “This widely distributed message is so full of misinformation that we find it impossible to believe that it is the result of simple ignorance or carelessness on the part of the writer. Almost nothing it says about Obama's tax proposals is true. We conclude that this deception is deliberate.”

Below is the fabricated email, if you wanted to read it.

Peace! C

THIS WILL CHANGE YOUR RETIREMENT

For those among you who have more money than you will ever need, save your time and delete this email.

For the rest of us who are still working with mortgages, children and grandchildren or retired living on a pension and or Social Security perhaps you will take a couple of minutes to read the proposed changes in the American tax system.

Sharing this email with others can make a difference on November 4, 2008; for our citizens and our country.

INTERESTING DATA JUST RECEIVED ON TAXES

This is something you should be aware of so you don't get blind-sided. This is really going to catch a lot of families off guard. It should make you worry.

Proposed changes in taxes after 2008 General election:

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 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. The experts predict that higher tax rates on dividends and capital gains would crash the stock market yet do absolutely nothing to cut the deficit.

INCOME TAX (OBAMA CLAIMS NO INCREASE IN TAXES….. AFTER BUSH CUTS ARE ELIMINATED!)

MCCAIN (no changes)

Single making 30K - tax $4,500

Single making 50K - tax $12,500

Single making 75K - tax $18,750

Married making 60K- tax $9,000

Married making 75K - tax $18,750

Married making 125K - tax $31,250

OBAMA

(Reversion to pre-Bush tax cuts)

Single making 30K - tax $8,400

Single making 50K - tax $14,000

Single making 75K - tax $23,250

Married making 60K - tax $16,800

Married making 75K - tax $21,000

Married making 125K - tax $38,750

Under Obama your taxes will more than double! How does this affect you? No explanation needed. This is pretty straight forward.

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.

NEW TAXES BEING PROPOSED BY OBAMA

* New government taxes proposed on homes that are more than 2400 square feet

* New gasoline taxes (as if gas weren't high enough already)

* New taxes on natural resources consumption (heating gas, water, electricity)

* New taxes on retirement accounts and last but not least....

* New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

Thank You

Robert D. Jenkins

Vice President - Investments

Chartered Retirement Planning Counselor

Wachovia Securities, LLC

314-991-7812

800-999-4448 toll-free

robert.jenkins@wachoviaseccom