I recently appeared on KKLA 99.5FM, Los Angeles with Frank Pastore to talk about the differences between John McCain and Barack Obama’s proposed tax cuts and economic plans.

Frank Pastore: In today’s wall street journal, a piece titled Obama tax 3.0 goes through the 3 different versions of Obama’s proposals. In the very beginning he wanted to raise the top marginal rate. Now he is saying if the country looks like it is headed towards or in a recession he is not going to do any of the tax increases at all. So, Michael you are the expert, you follow this everyday. What is Obama’s proposal when it comes to capital gains and dividence?

Michael Rozbruch: First of all his proposal, his economic proposal is to get elected. When the campaign started the country was already on the brink of recession, so he is just figuring that the only way to get elected is to mirror McCain.

Frank Pastore: Is McCain going to raise taxes as far as you know?

Michael Rozbruch: I don’t believe McCain is going to raise taxes; he is going to try and do it in a different way. He is going to try and raise taxes perhaps at the very high end at the corporate level.

Frank Pastore: I’m going to ask you for both candidates, if McCain is elected according to Michael Rozbruch, what’s going to happen?

Michael Rozbruch: In my opinion what is going to happen is a lot of what is going on regard to the tax laws and the codes is going to be status-quo he is going to extend the tax bush cuts in 2010, and he is going to keep that going. 

Frank Pastore: and if Obama is elected?

Michael Rozbruch: If Obama is elected, for business it is not going to be good for this country, there are a lot of small business owners that will be put out of business by Obama if he thinks he is going to raise taxes on people who are making $250K.

Frank Pastore: I just want to make sure people are aware the distinction between the two. It is clear McCain will not raise taxes; at least that is his platform. Obama essentially wants to get elected, right now, on Sunday he just changed again a position where he said I will raise taxes only on those making more than 250K a year, I’m going to provide a middle class tax cut. He just changed, on Sunday; he will not go for those increases if we’ve got a recession.

Michael Rozbruch: That sounds like McCain.

Frank Pastore: That’s what I am saying, here’s the democratic presidential nominees saying tax cuts are a good thing for the economy, and a risky time like a recession you don’t want to do that. 

Michael Rozbruch: No, actually tax cuts are a good thing they just have to be enough; they weren’t enough because of the weak economy bolstered by this mortgage melt down. That’s the problem, debt, personal income rose to 94 %, debt as a percentage as a personal income from 89 to 94% over the last decade, and it’s basically on housing prices.Listen to the entire interview to find out how Obama and McCain’s tax plans will affect you .

More Tax Help, IRS News and Tax Relief Tips:

1. How will the Candidate’s Plans for Tax Cuts Effect You?

Tags: Barack Obama, Frank Pastore, John McCain tax cuts, KKLA, Michael Rozbruch, tax relief

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