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Pingback: Martin Nesbitt, the treasurer of Obama’s campaign, has tax liens. So do his companies, but by all means, let’s go after Joe The Plumber! | Right Voices
Pingback: Operation Destroy Joe the Plumber By Michelle Malkin • October 17, 2008 12:02 AM : OBAMA FLUSHES PLUMBERS AMERICAN DREAMS
Joe the plubmer is a likeable guy. He may even be the one and the same Joe Six pack. When McCain bought him up in the debate it was a given that Joe the plumber would become an overnight celebrity. It was unfortunate that he become a big focus in the debate. As with what the media do they dug into his background. Joe the Plumber is a man that makes $40,000 a year. The business that he works for earns $100,000. If Joe the Plumber is fortunate enough to buy a business and have a net earnings over $250,000 after he pays his business expense, why would he be hurt bya 3% tax increase? After all it is the Net Income that is taxed, not gross revenue. Going from $40,000 to $250,000 is a 625% increase in earnings. The whole Joe the plumber argument makes absolutely no sesne.
Joe isn’t important – what Obama said is what is important. In response to Joe’s question about why he should be “taxed more and more for fulfilling the American dream,” Obama sermonized that Wurzelbacher needed to “spread the wealth around” because “it’s good for everybody.” Welcome to socialism.
Charles:
Right now, anything JTP’s boss earns over $196k is taxed at 33% (plus both sides of medicare 2 * 1.45% = 2.9% )for a total of 35.9% plus state of Ohio highest bracket of 7.5% plus Toledo 2.25% for a total marginal rate of 45.65%.
(the employer portion of fica and medicare, state and local taxes are deductible for federal purposes so the total marginal rate is not as high, actually it is closer to 39.4% but you get the idea)[That's JTP's boss' marginal rate right now after the Bush tax cuts] Add the 3% increase that you mentioned and include 12.4% for FICA (I recall Obama talking about eliminating the cap on FICA earnings) and JTP’s boss is going to pay 54.8% in tax on the last $50k he earns. With the after tax money JTP’s boss pays back the bank loan he has or make investments in the business.
So the important question is … at what tax rate does JTP’s boss stop working? Does he think for the next $100 I earn pre-tax, I keep $60 or less. Should I make an investment in tools or computers if I split the upside 40/60 with the government and split the downside 0/100. I don’t know what number that is. But my guess is that the higher the combined tax rates, the less likely he is going to work harder or take risks in his business, like hiring more plumbers. {my math suggests that while his earnings increase 625%, his taxes increase over 1100%}
You didn’t hear? Joe the plumber’s ex-wife “Michelle”, upon the celebrity of her husband just got a $300,000.00 dollar a year “do nothing” job and Joe the plumber’s church where they preach daily about the evils of electricians and the government just got a substantial amount of money as well. He’s also affiliated with “anti-electrician” groups and questionable characters who once organized and perpetrated crimes against military buildings, police officers, resulting in the deaths of numerous innocent individuals… who just happen to be his neighbors and in whose living room he first began his plumbing career. I heard that Joe the plumber once worked on ACORN’s toilet, taught them how to go out and intimidate people to act against electricians, and gave them $832,000.00 as a donation. Yeah, Joe the plumber isn’t the guy we would want as, let’s say…. President or something like that now would we?
I’ve watched the exchange between Obama and JTP and if there’s any rudeness on Obama’s part, I can’t see it. Of course, this makes me ONE OF them to you doesn’t it?
You guys on the far right are masters of character assasination, with a well oiled smear machine honed to near perfection over many years.
You’re always angry, no make that furious. Your representatives on the talking head TV shows can’t even restrain themselves from talking during the “other guys” turn. They rudely just start talking over anybody who starts making any kind of a case against them.
You lie like nobody’s business. Whatever “fact” supports your position is glibly pulled out of your asses whenever the need arises.
To top it all off, you guys on the right are the biggest bunch of pussy, crybabys I’ve ever seen. Boo Hoo. Our hate and fear tactics no longer work. WAAAA.
Back to JTP. So. Joe decided to play hardball with one of the candidates and now the press is looking into his life.
Not because Obama was rude to him, but because McCain can’t stop saying his name. You’d think Joe had donated a hummer to John and wrote it off as T and E relaxation.
So again BOOOOOO HOOOOO. They’re so MEAN. WAAAAAAAAAAAAAAAAA.