We ARE Joe the Plumber

Vanity | self

[nodumbblonde]

Hi, CarolAnn! I'd posted this on another thread and MrB thought other small business owners might be interested. Maybe a few will see it here. It won't be a solution, but it will make me feel better and maybe educate a few people in the process:

We’re going to be in the same boat with our business.

IF, due to the stupidity and ignorance of the average voter, BO manages to get himself elected, I think we’re going to add an “Obama surcharge” to each of our customer invoices reflecting the increase in our taxes.

“Oh, this charge here? Well, the total above is what you would have paid before Obama so wisely increased the taxes affecting many small businesses. Unfortunately, we can’t afford to absorb the extra cost and stay in business, so we’ve been forced to pass the additional cost on to our customers.”

We've built a reputation of running an honest business, so if anything else is said, I'll just add: "Don't be shocked. Nearly every other small business in America has been forced to do the same thing. We just want to be upfront and not hide the cost to you." (At this point, I might also ask, "Would you be interested in a 'Palin 2012' bumper sticker?" *snicker*

Please don't take this as a defeatist post... note the big "IF". It's not over yet! :)

[justa-hairyape]

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 have a few micro-businesses probably smaller then yours. We have not done an LLC or Corporated yet. So all the income is transferred to the personal tax form. The real killer is the Self Employment tax, which applies before your personal itemized deductions. During the first couple of struggling years for me as a self employed individual I had to pay Self-Employment tax, but no income tax. The Federal tax code is an abomination. Should be scrapped completely. And if Obama things he can squeeze more out of me, he is a complete fool. I will just reinvest the gains back into the company and not even let Uncle Sam have a chance at them. My companies will remain fiscally solvent, while Uncle Sam of course remains fiscally insolvent.

[nutmeg]

I watched again the exchange b/t Obama and Joe. Slick talker, but Joe didn't look very convinced.

Neil Cavuto had Joe the Plumber on his show yesterday (via phone from Ohio). Joe clearly stated that he would be voting for McCain.

Great thread, Carol Ann!

[Kathy in Alaska]

[philly-d-kidder]

I am the Only McCain guy in this Office and The admin who gets the Mail is obnoxiously Pro Obama and my absentee Ballot hasn’t arrived!

[nutmeg]

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.

Wow. Scary glimpse of future life in the US if these Marxists take over for several years...

[Old Professer]

If you own a business in WVa that’s exactly what happens.

[When do we get liberated?]

And if you aren’t making that, odds are you are employed by someone who is.

[Old Professer]

This was about health care and fines; distinctions eren’t made between gross and net but business size is usually determined by gross.

[Tainan]

Another self-employed here. I have an LLC based in Nevada. No, I don't live there; buts its about the best place I could find as to tax-laws and privacy. Cost is minimal to have it all done legally and scrupulously. I first had one in California and the taxes and hassle just became too much. I closed it down and had it re-done in Nevada.
There are some good groups that will do the whole thing for you.

Whether you choose Sub S or LLC, I highly recommend you look at having it done in Nevada...You do not have to live there to have a legal business based there. Good luck.

[TKDietz]

I know how it works. I’m also a small business owner with an S corp.

[TKDietz]

I work for myself. I’m in a state always in the bottom when it comes to average household incomes. Income that high isn’t common anywhere though really. Obviously there are people who make that and more in most parts of the country, but those who do only account for a tiny percentage of our population, less than 2%, according to the census numbers at least. Most small business owners aren’t earning anywhere close to that after you adjust for their deductions.

[CarolAnn]

Obama’s health care plan bothers me too. If we don't provide the health insurance he thinks we should, we will be forced to pay into a “national insurance program?” That's ridiculous. He also wants insurance companies to cover pre-existing conditions. That will cause insurance premiums to absolutely soar!

The only real way to reduce health care costs is to start with tort reform, and the democrats will never allow that.

[Tuscaloosa Goldfinch]

That's right - most of the CUSTOMERS of small business service industries ARE wealthy -- that's why our businesses can prosper.

Another yard plumber's wife.

[mnehring]