Are you going to let him?
Posted on 10/16/2008 7:44:56 AM PDT by AT7Saluki
Janet Chittock has two words for Joe the Plumber: “Tax him.”
“My gosh, $250,000 a year, of course I think his taxes should go up,” she said. “He can afford it.”
Joe the Plumber is the Toledo man who was held up as a litmus test during the third presidential debate tonight by both candidates.
Sen. McCain said if Joe has worked hard all his life to afford to buy a business that can bring him in that kind of money he deserves to keep as much of as he can. Sen. Obama said his taxes should go up to help alleviate the burden on people earning less – a position Joe would have found himself in a few years earlier.
Mrs. Chittock, 70, has been studying each candidate for weeks and has yet to reach a decision about for whom she will vote — though she is leaning toward Sen. McCain. Still, the question about what should happen to Joe the Plumber was an easy call for her.
The most Mrs. Chittock and her late husband ever earned together in one year was about $50,000. That a higher percentage of Joe’s wages should be taxed was as plain to her as the mushrooms on the pizza she was eating.
“You can only spend so much,” she said.
(Excerpt) Read more at blogs.wsj.com ...
Are you going to let him?
Do you think Joe is making $250k *after* paying all of his plumbing business expenses? Do you think he is pocketing $250k/yr?
I don’t think Obambi knows the difference between gross, net, a sub chapter S or a McDonald’s Filet’OFish.
The $250,000 is obviously net profit. That is a reasonable number for a moderately successful plumbing company.
Well said!
Maybe another way to look at this is if a guy is smart enough to build a business that nets him 250K don't we want to leave the money in his hands so he can expand, or start up another venture. My experience has been that successful business people enjoy what they do and expand. The result of this expansion and diversification is more jobs.
Take the money out of entrepreneur's hands and give it to people as welfare (tax credits) will kill the economy.
“Janet sounds like one of those pushy “seniors” who always have their hand out for the freebies.”
Exactly. They come out with that “I pay my taxes, I deserve yada yada yada...”
If all her hubby and she ever made together in one year was $50k then they didn’t pay that much in taxes and I’m sure they (espeically she) got it all back and more in freebies.
Joe is deciding whether to invest his future and his savings in a company that he knows will generate over $250,000 in revenues; why should he take the greater gamble of taxes being raised just because some two-bit barker is offering free tickets to the biggest sideshow on earth?
Fairfax County VA has a gross receipts tax that I pay on every dollar of sales. No deductions for cost of goods sold, etc.
Fortunately it’s well under 1%, but it still is objectionable.
If your business has a 10% margin, a 1% gross receipts tax is the same as a 10% income tax.
Jack
I believe you are thinking of a Subchapter C, not a Subchapter S. Under a Subchapter C, the income, or loss, is applied, Pro Rata, to each Shareholder and appears on their tax return as Schedule E income/(loss).
I suppose you never heard of personal property and inventory taxes?
Yeah, how often have you heard "they've still got more left over than I do" as a reason to tax people at a higher rate.
My response is, how the heck is it any of your God-blessed business how much someone "has left over"?
You have that backward. A C corporation is a taxable entity for federal income tax purposes.
There’s a REASON Ms. Chittock and her husband together never made more than $50K a year.
I had the exact same thought. Bambi is proposing to do to the middle class what govt. did to the blacks, make them a dependent class. After the middle class gets used to taking money they didn't earn it's only a short step for the new master to say "do this, or I won't be able to keep giving you that check".
Subchapter S is a construct which gives professionals and small businesses corporate protections and shields but passes income or losses directly through to the individuals.
They are going to have a cost/benefit ratio in government health care and when she/we cost too much according to the formula, she/we get the needle. They will call it “humane”.
Those are all good and necessary things to have in a business, but they cost money, and very few people, even employees of the business, know that they're there. I'm guessing the owner of a plumbing business would be lucky to be taking home 5%-10% of the gross proceeds as his/her salary if he/she has employees and any reasonable amount of overhead.
Now, imagine if Obama only looks at your gross of $250k and raises your taxes by $15k per year. Your other expenses don’t change, so, you either will take a lower personal net income of $25k per year, or, you would fire one of your employees.
Thank you for clearing that up. That's exactly where 0dingabama wants to take us. The owner of the business takes a tax increase such that he gets punished to the same income level as his employees.
BINGO! It's working like a charm right now for Hussein--and it may do exactly what you said!
Gimme, gimme, gimme!! Class envy/class warfare is ALIVE, WELL AND MORE POPULAR THAN EVER!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.