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!
How much better off would the United States be if at least half our scum lawyers were instead plumbers, or engaged some other honest, highly useful skilled trade.
I knew there had to be a lot of business owners on this forum. You see the world from a whole different perspective when you are responsible for your own living AND the living of the people who work for you. We have to make money to employ people, and we aren’t going to be making money when we keep getting hit so hard on taxes.
I never believe these kinds of campaign promises though. Politicians are always promising us the moon and then they break their promises.
If you guys are earning $250k to $300k after adjusting for all your deductions, wow. I'm in the wrong line of work.
Joe was on Neil Cavuto yesterday, and you are right - he came away from that conversation more afraid of Obama.
Wonderboy is trying to portray himself as Robin Hood with his “spread the wealth around” garbage. Robin Hood was not a government official. Obama needs to read the book. He’s the Sheriff of Nottingham character.
Good. Sorry I missed it. He should be afraid. Maybe there will be a youtube clip of that.
My boss is a Jewish carpenter too, and no matter what happens, I will trust Him and just keep working!
Amen to that. At one point we had both a married son and a son-in-law working for us. You feel SO responsible. No such thing as a 40 hour week. And here comes this "community organizer" thinking he has a right to give your $$ to someone else.
Shakedown.
And it doesn't work to redistribute wealth in such a manner as that, has the same effect as welfare, a temporary fix which becomes permanent.
If I was taking that home, I wouldn’t be working a second job!
Most small business owners are a sub-chapter S, and their business income goes straight to their personal tax return. Deductions are complicated and not as generous as you think.
I live in San Francisco and have resisted forming my own business within the city limits because of all the Shinola that you are put through: Living wage, "universal health care," same-sex marriage bennies, proposed taxes on businesses to reduce downtown traffic, and other such nonsense.
I have NO faith in Obama, Pelosi & Reid's ability to restrain themselves from wrecking the country in a futile attempt to make it "fair."
My husband agrees with you. He said he’s worried that we aren’t going to be the great nation we are used to being. People in general have become so self-centered and complacent. People are wanting what is expedient for them and too bad about what’s good for the country.
I am Joe the Plumber and I am voting McCain / Palin.
I'm with Joe, say NO to Obama bin Biden
Capitalism is Cool, Socialism is Cruel. NOhow, NOway, NObama
I am Joe The Plumber.... I ALREADY VOTED FOR MCCAIN/PALLIN
Just to add to the list here.
As part of my landscape business I am a “yard plumber” or irrigation system designer/installer.
Where Obama’s nonsense really hurts me is that most of my customers are wealthy enough now too afford landscaping and irrigation.
Under the “one” though and his confiscatory tax plan I am sure I will lose (God forbid) business.
Wooohoo! That’’s what I’m talking about - a go team!
Good for you, philly...any trouble getting your absentee ballot, and then getting it home? Do you know it got there safely?
The disadvantage of a C Corp, at the moment is that the “net income” can effectively be taxed twice. Once at the corporate level and again when a dividend is declared to get the profit (after an acceptable wage to the owners) out of the C Corp to you personally.
There are additional tax rules that apply to “closely-held” corps as well. This is why most small business’ are S Corps.
It would be worthwhile to talk to a tax accountant before you before you become a C Corp, as they can look at your personal situation.
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