Wurzelbacher also acknowledged that he had no specific plans for buying Newells business, saying he and Newell had simply talked about the idea from time to time. He might have difficulty making the purchase: Court records from his divorce show that Wurzelbacher made $40,000 in 2006.
Even if he did buy Newell Plumbing and Heating, Obamas tax plan wouldnt 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 companys estimated total annual revenue as only $100,000.
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Analysts calculated that the extra tax would amount to $900, which would likely be more than offset by separate provisions of Obamas plan: a 50 percent tax credit for health care and elimination of the capital gains tax for small businesses.