Posted on 10/15/2008 9:19:40 PM PDT by CarolAnn
My husband and I own a plumbing company. My husband's name happens to be Art, but when I heard what Obama was saying to Joe, he was saying it to us.
We consistently make between $250K-300K per year and I have recently had to take on a second job to make ends meet. We have two plumbers on the payroll and I do the books. I quit taking a paycheck from the company because we have to keep our expenses down. We are among the smallest of small businesses, and any additional tax burden on us would be devastating. We do not live extravagantly. In fact, we live very modestly. Our big extravagance is a fishing trip to Canada every few years.
If Obama is elected, my best advise to Joe would be to become a C Corporation so that the company's income is not his personally. Most people with businesses as small as ours are a Sub Chapter S Corporations and their company incomes go directly on their personal tax returns. Then he would be put into Obama's sights for higher taxes.
I'm tire of working so hard and getting rewarded by politicians who want to take more of what little we get to keep. We have to be the government's tax collectors (sales tax, withholding tax, social security blah blah blah) and God help you if you forget to cross a t or dot an i. Government regulations choke us I'll bet you anything that if Obama is elected, social security taxes will go up - WAY up.
Good luck Joe. I really mean it. You are probably going to be one popular plumber in Toledo!
Hi Joe,
We are Joe too.
http://www.freerepublic.com/focus/f-chat/2106705/posts
A lot of Joe’s exist, far more than bambi want’s to admit.
I am Joe the plumber and dont want Obama and his tax plan or any other plan he has to offer
we are a stained glass, custom drapery business and we are “Joe the Plumber”
How does one go about becoming a “C Corporation”?
You should email Mike Huckabee, he is going to have Joe on his Fox show Saturday, maybe you could get an invite, too.
McCain/Palin '08.
I'm still waiting for someone to come up to me and tell me that Governor Palin "isn't qualified" to be VP. They are going to be the proud owner of a knuckle sandwich.
“I’m a Plumber. And I Vote!”
Yes! Great point. Maybe Mike can have her call in. That would be awesome :-).
An accountant can do it for your for about $400. A C Corp. separates the company’s identity from your personal identity. You file a corporate return and a separate personal return.
Are you my twin? We own a sprinkler company - I do the books but don't take a paycheck. I ranted today to a local radio show about Obama's discussion with that plumber.
-- I wish Joe had had the presence of mind to ask Obama if, since he wanted to spread the wealth around, would it be okay to spread the expenses around, as well? Say, have the employees pay part of the work/comp, general liability expenses? Charge them for riding in the company truck? Maybe help get out invoices late at night while trying to help kids with homework.
Thank you....I was snooping Google for info.
Will pass this info along to hubby....:)
[We are Joe the Trike Builder!]
I’m a retired plumber who’s arms do not work much anymore and kness, back as well!
The Soviet workers used to say, "We pretend to work and our government pretends to pay us." We will, very soon, be able to say the same thing.
And just what does O’bomber mean about$250K? Is that gross sales or profit? If gross sales, as I suspect, you could be taxed if you have losses even though sales are over 250K.
My “Boss” is a Jewish Carpenter and my friend is “Joe the Plumber”.
I watched again the exchange b/t Obama and Joe. Slick talker, but Joe didn't look very convinced.
Obama also said there would be no capital gains tax on small businesses. What's with that? There is no capital gain unless you sell your business or have as part of your business investments you cash in, no? Never once did Obama distinguish whether the $250,001.00 was gross or net income. Huge huge difference because most businesses have tons of deductions.
Then the flat tax came up. Obama claimed that if we went to a straight flat tax, everybody would have to pay 40%. BS. Well maybe 20-25%. Which is it?
It's all double talk to me. You'd really need to sit down with a form and factor in the health care deduction to see what taxes really would be.
Other than that, I'm not very up on how small businesses vs. corporations are taxed. We don't know what we are truly facing here. He can tweak the taxes all he wants, but if the economy tanks more, there will be massive layoffs and unemployment. Who will pick up the difference then? Whatever the size of government (state, federal, county, city and anyone whose salaries are derived from taxes such as teachers), they are going to be paid first no matter what.
So then what?
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