OPEN THREAD WEDNESDAY. - [image: MORE DISCLAIMERS]It's open thread Wednesday field hands, and I need your thoughts on a few things. Did Doug Jones beating Roy Moore last night actu...
Friday, October 17, 2008
Who is Joe the Plumber?
Who is Joe the Plumber? WHO IS JOE THE PLUMBER? Samuel Wurzelbacher another disenchanted white male, that believes in entitlement and privilege is threaten by Obamas Presidency. Let s explain Mr.Wurzelbacher No Drivers License, No Plumber license, amongst several liens, no home ownership or probably any tangible assets that would allow him to purchase the plumbing business that he works at, and claims Obama wants to tax...
I think Joe is confusing revenue, profit and taxable income. Joe or should I say Samuel's projected revenue is 278K-- which is not his profit. He has salaries, benefits, costs for running business (including paying loans) to deduct.
Even at a net of 250K+ he will only pay marginally more taxes on the amount above 2K (and less on the below). On every net 10K above 250K (after all those deductions) he will pay $300. The rest is taxed the same as before.
This is NOT the working capital of his business. It is his profit taking after whatever he invests in his business.
The 300 dollars will be part of what Joe''s customer''s get and can use to hire him, but most of their extra spending dollars will come from the CEO''s of Big Oil. They have a much higher net income than Joe will ever have.
Joe's business (and Samuel) will fare better under Obama''s proposed tax system than they do now as the people who have a net income of over 250K a year will pay a little bit more on what is above 250K and a bit less on the amount below. For many it will be a "wash", but when your net income is in the millions, you will have to share with Joe the Plumber.
I think Joe is mislead and misinformed, and the lack of critical journalism makes things worse, because he should have been call out!
Wurzelbacher appeared on the Neil Cavuto's program "Your World" on Fox News. Neil asked if Joe was persuaded by Obama's plan. Joe said that he was not and that he was more frightened upon hearing it. Joe suggested that Obama's plan was socialist in nature. Neil encouraged him by suggesting that he was impressive for stepping up to Obama and pressing his concerns without becoming 'star struck'. Neil also said, "You're my kind of plumber." Neil did not play the entire clip of their exchange, nor did he engage in a serious discussion of Obama's tax plan.
He also appeared on the Good Morning America program the day following the debate on Oct.16, 2008, Diane Sawyer asked Joe if he had been contacted by the McCain Campaign before his encounter with Obama. Joe said "I have been contacted by them and asked to show up at a rally" Asked if he was taking home $250,000 now, Joe said with a laugh "No, not even close." Sounds like another Republican plant!