Many people are wondering it, so I figured I would answer it. John McCain made quite a fuss about “spreading the wealth” and “raising your taxes.” This has a lot of people scared for their money now that Obama has been elected President. Let me tell you what you really can expect from this administration in regards to your personal finance.

First off, Obama is not going to “spread the wealth.” The United States has progressive tax brackets. This means the more money you earn, the higher the percentage of it you pay in taxes. Is this not already in essence spreading the wealth? McCain said nothing of changing it, so we can assume he was a wealth spreader also. Obama is not changing the tax code at all. See below for the current tax brackets:

10% up to $8,025

15% up to $32,550

25% up to $78,850

28% up to $164,550

33% up to $357,700

35% for everything above $357,700

What is Obama’s plan? Essentially to lower the 10% – 28% brackets and slightly raise the 33% – 35% brackets. Call it sociialism or communism or spreading the wealth or anything else. Truth is this tax system has been around a long, long time and no one has referred to is as such so far.

Here’s what you can actually expect. First, Obama has been playing with the idea of another economic stimulus package. Maybe another $600 check is on it’s way for most of us, we’ll see. He has said he will lower your taxes if you make less than $200,000 a year. You would also receive help for health insurance for your children.

Obama is talking about leaving the capital gains tax alone, not raising it. He’s also thought about lifting fines and penalties from early withdrawals from yoru 401k. That I think is a bad idea. We don’t want to encourage anyone to dip into their savings just to get by. But that’s what he’s talked about. He’s also talked about a 3 month moratorium on foreclosures. Good news if you’re struggling to pay off your mortgage.

These are just a few of the things to expect, at least financially, from President Obama. Hopefully his plan will get this economy back on the right track.