Joe The Plumber

I watched the entire debate last night and I felt the most at ease during this one.  I thought Obama stayed focused and on message, whereas McCain rambled and seemed to get lost.  I also found McCain’s facial expressions interesting, to say the least.

Maybe later I’ll write more in depth about what was or wasn’t said last night, but for now I have a question regarding Joe, the plumber. 

Everything I’ve seen says Joe claims he was going to buy this plumbing business for $250,000.  First, that seems just a bit fictious, but let’s stipulate that’s the case.  If I understand Obama’s tax plan correctly, Obama’s cutoff for paying more in taxes is if your earned income is more than $250K.  Now if Joe is going to buy the business for that amount, it doesn’t mean his income will be $250K, right?

Maybe I’m not understanding the plan.  Am I missing something?

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4 Responses to “Joe The Plumber”

  1. Ummmm, no offense but just because he buys a business doesn’t mean he will make money or that the it was worth the price to buy it in the first place.

    ie- I bought a Dairy Queen. Cost me, say 250K. No one show up to have an ice cream. I fire all my employees. I am out of luck and out of biz but still have to pay taxes. Plus I’d have to still pay back the loan unless the gov’t bails me out!

  2. You’re not missing a thing. Joe was a plant as he’s a McCain supporter. What Obama is suggesting is an increased 4% on net income over $250,000. We don’t pay tax on gross income but after deductions and then it just increases Joe’s income by 4%. Joe wasn’t about anything but providing McCain something to talk about and as usual, something false. Worse, the media falls for it. The media are saps

  3. Thanks, guys. I’ve been gone all day but heard some NPR reporting while running errands. On NPR I heard a tax expert explain that even if Joe, the plumber, earned $270K (adjusted gross income, that is) he’d pay something like $660 a year more in taxes. That’s $55 per month and if your adjusted income is $270K a year and you can’t cough up another $55 per month, then excuse me, but boo hoo!

    Also it appears Joe doesn’t have a plumber’s license and isn’t thinking at all about buying a business. Apparently he’s exactly the kind of worker Obama would help, but Joe would rather shoot himself in the foot!

    And the best news? Joe owes the State of Ohio $1,200 in back taxes. Very patriotic, isn’t he?

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