The Toledo Plumbing Board of Control may consider sanctions against Wurzelbacher or Newell, officials told NBC affiliate WNWO of Toledo.
“There’s a lot I’ve got to learn” about the plumbing business, Wurzelbacher said Thursday.
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. 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, Obama’s tax plan wouldn’t affect him. While Wurzelbacher told Obama that he would be taxed at a higher rate because the company grossed more than $250,000 a year, Ohio business records show the company’s estimated total annual revenue as only $100,000. Actual taxable income would be even less than that.
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.