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I'd love to see how much Joe the Plumber will have to come out of pocket for health coverage for his family with that $5000 credit for health insurance.
McCain is spreading the wealth to the Health Care Industry.
Plumbing: skilled labor force.
Outsource:? a contract in Iraq or Afghanistan.
Minimum wages are still well below what it actually costs to maintain a quality standard of living for a family of 3 to 4, plus, factor in single parents either from separations, divorces, etc., and after paying child care, child supports, it's very little to have a good quality of life.
It's true, write-offs, deductions, expenses all play to the lowering of the taxes assesed, as most everything used or purchased for a business is deductable.
Yes, corporate greed, may be nearing the end of an era. one can only hope.
joe the plumber isn't voting for obama because he is afraid of higher taxes. I don't think he needs to be concerned about this at all, after all, it's a well known fact that the more you make, the more they take anyway.
Are what we as Americans paying in taxes reasonable? isn't it true that every year, the amount we pay in taxes increases every year? I don't think most Americans object to that, the thing they object to is not getting the pay increases or cost of living increases they're entitled to. one must have a certain dollar amount in deductions, and not allowed to itemize their deductions if it doesn't meet the bar.
I think a smart or schrewd small business owner can find enough deductions to meet the bar or level, and remain in business, and have enough to have their net earnings lowered, thus, lowering the tax they will pay.
I too owned a small business, cargo expediting. the first year of operating, I ended up oweing the IRS about $3K, on top of what I'd already paid in. I was young and new to it. after turning my accounting over to CPA, I owed nothing the second year, that is, I paid nothing additionally than what I'd paid in already. the third year, I made $5K in profit.
did I take $$$ under the table for hauling cargo? no. it wasn't possible, everything was above board.
If a business is operating in the red, they need to reconsider staying in business at all.
if joe plumber thinks he can't turn a profit from a new business, and has fear of taxation, he should either stay out, or consult with an accountant and an attorney before he leaps.
Quote:
Originally Posted by mbuszu
1) Typically a business which earns 250k per year has enough tax write-offs to get it way down into much lower tax brackets. I thus would argue that a business earning 1,000,000+ per year in revenue might find itself paying in the 250k/39% per year proposed tax bracket but hardly any smaller businesses would.
2) Just as businesses can, smart individuals with tax accountants (or knowledge of tax law) with personal incomes of 250k probably know how to get their taxable income much lower through write-offs. I would argue that until you're earning up to or in excess of 500,000+ finding yourself in the 250k/39% per year proposed tax bracket is very unlikely for the vast majority of the US citizens out there.
Once people realize those taxation truths, Obama's plan doesn't seem nearly as bad. The reality is that wealthy people and corporate financial officers (or tax accountants) know how to reduce taxable income significantly. Even middle class folks like my wife and I figured out how this can be done at much lower income levels. If you're not finding ways to decrease taxable income (using write-offs, etc), then you're just wasting money in my book.
Most certainly very wealthy and medium-sized businesses will be taxed more under Obama, but the entire middle class and even lower-affluent class will not see a real change in anything. I really find it amazing that some multi-millionaires out there today can be so crass as to oppose Obama on this point alone. If you have millions (or billions) in the bank and in annual income, you are essentially set for life already. How much is enough? Is another percent or two of government taxes really going to disrupt your lifestyle?
To oppose taxation by the government altogether is one thing. But to support taxation and also push the majority of taxation responsibility upon those who are not set for life, who have yet to realize the American Dream, while the economic class divide increases and the middle class disappears is just irrational.
I really don't know who Joe the plumber really is. What I do know is that:
1) A business which earns 250k per year in taxable income probably costs a small fortune to purchase. Joe the plumber must be doing quite alright for himself to be planning to do this.
2) It is a shame that Joe the plumber's opinion is being held up as the end all be all of how the rest of America should judge Obama's or McCain's tax plans. The truth is that the US needs more high paying or at least middle class income paying jobs and the only way to achieve that will be to a) put a stopper in offshore outsourcing of US jobs, b) bring back old or develop new industries based in the US. I doubt Joe the plumber has any concept of this since plumbing isn't exactly something which can be outsourced. Additionally, Joe hasn't even purchased nor started his own business yet. He thus has zero credentials in my book to be taken seriously as a small business tax advisor. What does he actually know? He doesn't work for himself, and as far as I know he never has. He has a lot to learn and shouldn't be in the spotlight at all regarding this election. I don't care about his opinion on this topic, and neither should you.
I wish I was in 'Joe's' position to even consider buying a business...He must not be *that* bad off...
But Danielle, his name is "Joe" so that means he must be just like the greeters at Wal*Mart that will fall for this ruse even though he makes a quarter-million dollars a year.
Did he bring his six pack to his interviews this morning? It's sad so many people are stupid enough to fall for this crap.
He would get taxed at 39% instead of 36%.
He would also get a 50% tax credit – a cut in taxes for health care. “if your revenue is above 250 – then from 250 down, your taxes are going to stay the same. It is true that from 250 up – from 250 – 300 or so, so for that additional amount, you’d go fro 36 to 39%, which is what it was under Bill Clinton. And the reason why we’re doing that is because 95% of small businesses make less than 250.
Well, females love Obama because he's SOOOOOOOOOOO handsome and he's such a great speaker and he gives them that special special feeling. You're not the average Joe. You're the average Jane. I hope your husband won't mind the changes that are coming.
What changes are those? The last years of the Bush Presidency has given us a cratering economy... stagnant wages, rising costs, and significant drop in personal wealth for many Americans. His tenure has driven up deficits, paid for an expensive war and nation reconstruction and weakened our national currency.
So the assumption that voting Obama is worse than what we already have is purely ludicrus. We are at the bottom of the barrel... or may be hitting bottom soon. Personally I'm sick of the fear mongering... after all mongering is what got us into this mess.
The fact that you're not in his position doesn't mean he's wrong. It also doesn't give you the right to determine whether or not he's "that bad off"
Last time I checked, he was doing what Americans were always encouraged to do. He's working his way up in the world. If he can buy the business he can hire people. Then they can get a paycheck instead of a handout.
And this is exactly what socialism does to a society, brings out the jealousy and greed of those who might have less than the other Joe. Jealousy because they haven't got what the other has, don't want to work harder to get it, would rather just grab onto their guvment handout, all the while hating the one trying to get ahead. And ever trying to determine who is better or worse off than you are under a repressive regime. It will only get uglier folks, count on it.
he’d get a 50% tax credit – a cut in taxes for health care. “if your revenue is above 250 – then from 250 down, your taxes are going to stay the same. It is true that from 250 up – from 250 – 300 or so, so for that additional amount, you’d go fro 36 to 39%, which is what it was under Bill Clinton. And the reason why we’re doing that is because 95% of small businesses make less than 250.
So he would get taxed at 39% instead of 36%...coupled with a 50% tax credit for Health Care...
I think he really struck a chord with Americans. More people can relate to him and his work ethic than they can to Obama, that's for sure.
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