Joe, the plumber

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Davis
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Joe, the plumber

Post by Davis »

http://thecaucus.blogs.nytimes.com/2008/10/16/joe-in-the-spotlight/?hp
[quote]Turns out that “Joe the Plumber,” as he became nationally known when Senator John McCain made him a theme at Wednesday night's third and final presidential debate, may run a plumbing business but he is not a licensed plumber. His full name is Samuel J. Wurzelbacher. And he owes a bit in back taxes.[/quote]
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JBBenson
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Post by JBBenson »

So what?

What is notable, is what Mr. Obama said to him: “I think that when you spread the wealth around, it's good for everybody..â€&#157
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Davis
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Post by Davis »

That is exactly what taxes do.
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Post by Davis »

I wonder if we are soon going to see videos with Obama and Sammy Davis Jr together tap dancing. Maybe Amos and Andy also.
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Post by Davis »

Tax advice for Joe.

http://economix.blogs.nytimes.com/2008/10/16/tax-advice-for-joe-the-plumber/
[quote]Was Joe the Plumber talking about revenue or profit when he said how much his company makes?

Joe said:

“I'm getting ready to buy a company that makes $250,000 to $280,000 a year. Your new tax plan is going to tax me more, isn't it?”

If he was talking about revenue, then Senator Obama's plans probably will not affect him. Taxes on corporations are based on profit, not on revenue, and so Senator Obama's $250,000 threshold refers to profits above $250,000. (Which Joe's company cannot be making if it is bringing in $250,000 in revenue but has even 1 cent in expenses.) Senator Obama's reply bungled this point. He said, “If your revenue is above 250, then from 250 down, your taxes are going to stay the same.” [/quote]
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