October 17, 2008

Calling Bullshit : Uhm... but you're poor.

During the debate Wednesday night, you may have missed the mention of 'Joe The Plumber' by Sen. McCain. Since he mentioned it only ten thousand times. Basically, the story (and it IS a story) is that Joe Wurzelbacher came up to Sen. Obama during a campaign event and said he was planning on buying a business that earned between $250-280,000 per year and that he wouldn't be able to do that under Obama's tax plan.

I know it will come as a shock, but Sen. McCain tried to use that Wednesday night to prove Sen. Obama just hates small businesses.

Now, the truth is you pay taxes on income, not gross revenues. So, Joe's purchase would have to net him income of $250,000 and would probably cost him at least five times earnings which would put the purchase price at $1,250,000. Now, Joe is a pretty average, lower middle class guy. Here he is talking to Senator Obama...

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I know looks can be deceiving, but this does not look like a guy who has $100 in checking, let alone $1.25 million. But maybe he could get a loan... except, he's probably pretty close on debt to income ratios given that he has an income tax lien against him, meaning he's actually spending way more than he makes. So much, in fact, that he can't even pay his taxes.

Wait... a guy who doesn't pay his taxes is bitching about paying taxes? Uh oh, Joe.

So basically, his planning to buy the business that earns more than $250,000 per year is dependent on the death of a rich relative. Or a lotto win. His fears about Obama taxing his newfound income? Completely unfounded and, frankly, more than a little stupid. However, one thing this has brought up is that Joe is not a licensed plumber and in his area of Ohio, they license plumbers. He also lied about his union membership (he was never a member of the local). And in the end all he's worried about, should his dream fantastically materialize and enable him to own a plumbing business earning more than $250,000 per year (most plumbers don't earn that, just FYI) he'd pay a grand total of $900 more PER YEAR. But, if he was confused and was confusing sales with income...

And his question to Mr. Obama about paying taxes? According to some tax analysts, if Mr. Wurzelbacher’s gross receipts from his business is $250,000 — and not his taxable income — then he would not have to pay higher taxes under Mr. Obama’s plan, and probably would be eligible for a tax cut.

At least Joe gets to feel like Britney Spears.

As a final note, I'm tired of poor people bitching all the time about taxes they don't pay. And voting based on pipe dreams that will never come true. And Joe, even if you do buy the two man business of your dreams, $63k is about your max. So you have nothing to worry about.


Posted by mcblogger at October 17, 2008 09:06 AM

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