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Wurzelbacher also acknowledged that he had no specific plans for buying Newell’s business, saying he and Newell had simply talked about the idea from time to time.
Even if he did buy Newell Plumbing and Heating, Obama’s tax plan wouldn’t affect him. While Wurzelbacher told Obama that the business would be taxed at a higher rate because it grossed more than $250,000 a year, Ohio business records show the company’s estimated total annual revenue as only $100,000.
In any event, Obama’s tax plan specifies that the higher rate would apply only to revenue above the $250,000 threshold. For a company with revenue of $280,000, the top end of Wurzelbacher’s supposition, only the extra $30,000 would be taxed at a higher rate.
Analysts calculated that the extra tax would amount to $900, which would likely be more than offset by separate provisions of Obama’s plan: a 50 percent tax credit for health care and elimination of the capital gains tax for small businesses.
“I’d have to look your particular business, but you might end up paying lower taxes under my plan and my approach than under John McCain’s,” Obama told Wurzelbacher during their exchange last weekend.
At the time, Wurzelbacher replied, “Oh, yeah, I understand that.”
Wurzelbacher, a registered Republican, refused to say whom he would vote for ... but he hinted that his choice would be McCain, the GOP standard-bearer, whom he said it would be “an honor” to meet. Asked about other issues by a covey of curious reporters, Wurzelbacher voiced strongly Republican opinions.
“Social Security’s a joke,” he said. “I have parents. I don’t need another set of parents called the government. Let me take my money and invest it how I please.”
On immigration: “I wish our borders were closed.”
And on the war in Iraq, which McCain has strongly supported: “I’m not sorry we’re in Iraq. ... It’s made us safer. I absolutely believe that.”
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