How will the Candidate’s Plans for Tax Cuts Effect You?
Here is another excerpt from my recent appearance on KKLA’s the Frank Pastore Show, focusing on how the candidate’s economic proposals will affect you:
Frank Pastore: We keep hearing the fact that Obama is going to raise the taxes on people who make $250K or more a year, He is pounding that.
Michael Rozbruch: If he does that he is going to handcuff the economy, he is going to trap more people than the AMT has already trapped.
Frank Pastore: Why do you say that?
Michael Rozbruch: Because most entrepreneurs, most self employed most people who have sub- s corporations are in the $250K range, which have employees. They can barely make endsmeat now with payroll taxes and social security taxes, state disability insurance I don’t see how at that level he can increase taxes and the businesses survive.
Frank Pastore: Let’s say I sell my house next year or two or three years from now, is there a difference between Obama and McCain regarding the sale of my house. And what impact it is going to mean for my family?
Michael Rozbruch: Only if it is a vacation home or a second home, that’s where the capital gains tax comes in. If it is your principle residence it is the same under both nominees right now, its 500K exclusion on the first 500K of profit, on your personal residence. Anything over that is tax at your ordinary taxable income rate.
Listen to the full interview to hear more about the Presidential Candidates proposals for tax cuts.
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Tags: Barack Obama, Frank Pastore, John McCain, KKLA, Michael Rozbruch, Tax Cuts, tax relief
