Wow, there is a lot of misinformation that floats around on these boards. A lot centering on “Joe the Plumber.” It is funny that the guy is all up in arms over what amounts to $900. If you listen to the clip of his question to Obama, at the most he expects the company he wishes to purchase will make $280,000. Meaning, Obama would increase his rates on everything he makes over $250,000, or a measly $30,000. Obama’s plan is to increase that rate a whopping 3%. Meaning, Joe would pay an additional $900. Poor guy.
Despite what others on here have stated, that tax will only be on Joe’s take home pay. My wife runs her own business. Luckily her expenses aren’t what Joe’s would be as a plumber, but we deduct them all. Supplies, equipment, rent, etc, etc, etc. Meaning, she is taxed on none of it, nor will Joe be taxed on any of it. We combined make close to the $250,000, but are not over it at the time being.
I would have no paying a few hundred dollars more on our pay…but that comes at the time of year when the salary from my employer increases about 6%, because I no longer pay social security taxes on my income above a certain amount (I think it is slightly over $100,000 this year). So, while Joe may be paying 3% higher, he actually receives a 6% reduction on about $150,000 income, because he isn’t paying social security taxes on it. And, yes, that money does go to pay for things out of the general fund, such as the Iraq war, education, etc, etc.
So, quit whining as us socialists are about to clean your clocks!!!! lol
