AARP Finance - It seems that if Obama and Democratic Congress win , all AARP middle and upper middle class retirement plans would be at risk, not just the "rich".
A 28% Gains tax on profit from ALL home sales.
How does this affect AARP members ? 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 AARP members who are counting on the income from their homes as part of their retirement income.
DIVIDEND TAX
Increase from 15% to 39.6% How will this affect you as a member of AARP. 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 when Obama become president. The experts predict that 'higher tax rates on dividends and capital gains would cause the stock market to fall again and delay long term recovery.
Increased tax rate for home sales - would be detrimental for those AARP members downsizing and planning to use proceeds for retirement and other purposes.
Energy use and consumption taxes such as for homes over 2400 square feet and on all fuel. Well intentioned, but definitely would fall heaviest on those less able to decrease their energy usage through higher efficiency appliance purchase or AARP members having less disposable income.
David Ogden -Tomorrows Home Business
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