October 18, 2008
Posted: October 18th, 2008 08:47 AM ET
What did Obama say?
The Statement Get the facts!
The Facts Obama explained his tax plan during the roughly five-minute exchange - telling Wurzelbacher that the tax rate on the portion of his income that was more than $250,000 would be increased from 36 percent to 39 percent. But he also mentioned that his plan includes a 50 percent small-business tax credit for health care and a proposal to eliminate the capital-gains tax for small businesses that increase in value. Obama said his tax plan, which he said focuses on bigger breaks for people making lower incomes, would be good for the economy. "If you've got a plumbing business, you're going to be better off if you've got a whole bunch of customers who can afford to hire you," he said. "Right now, everybody's so pinched that business is bad for everybody. And I think when you spread the wealth around, it's good for everybody." Wurzelbacher said, "The reason I ask you about the American Dream, I mean I've worked hard. I'm a plumber. I work 10, 12 hours a day and I'm buying this company and I'm going to continue working that way. ... I'm getting taxed more and more while fulfilling the American Dream." In an interview with CNN on Thursday, October 16, Wurzelbacher said he had misunderstood Obama's plan and that the company he wants to buy makes well less than $250,000 a year - which Obama says means his taxes would not be increased. The Verdict: Filed under: Fact Check |
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