Two bad choices for President - do you agree?

[Teh Ricer Civic!]

I wonder how Obama plans to re-work the join income tax brackets...

[Croc]

This says it all. I can't beleive he really believes this.

No, the video clearly said that this guy (I assume the plumber?) is BUYING A COMPANY that makes $250, $275, $280,000 a year.

Unless that new business owner is taking all of the business' profits for himself and not reinvesting any of it back into the company, he'd be under the $250,000 threshold for increased taxes.

Also, the video is cut and spliced so that you don't even see Obama's response. Ridiculous.

Edited October 16, 2008 by Croc

[mustang84]

Also, the video is cut and spliced so that you don't even see Obama's response. Ridiculous.

No kidding! They completely cut out Obama's response. It almost feels like that "plumber" was planted by Fox News considering you can't find the full video with Obama's response anywhere.

[Croc]

No kidding! They completely cut out Obama's response. It almost feels like that "plumber" was planted by Fox News considering you can't find the full video with Obama's response anywhere.

My thoughts exactly.

Not so much "Joe the Plumber" as "Joe the Wannabe Plumbing Business Owner with $250k a Year." Wonder what the actual plumbers make per year?

[Teh Ricer Civic!]

My thoughts exactly.

Not so much "Joe the Plumber" as "Joe the Wannabe Plumbing Business Owner with $250k a Year." Wonder what the actual plumbers make per year?

probably 40-50k a year.

But you realize that generally thats how business works right?

Edited October 16, 2008 by Teh Ricer Civic!

[Croc]

probably 40-50k a year.

But you realize that generally thats how business works right?

Of course...I majored in Business Administration. I was just pointing out the absurdity in comparing "Joe" to a real, everyday-working-man-type plumber.

[Teh Ricer Civic!]

Of course...I majored in Business Administration. I was just pointing out the absurdity in comparing "Joe" to a real, everyday-working-man-type plumber.

But without "Joe" one of those other plumbers would become "Joe"

Or worse there wont be any plumbers without "Joe"

Small businesses employ a LOT of people across this country.

[Robert Hall]

...or how about 'Rob the software engineer' instead of Joe the plumber.... in a normal programming job, 'Rob' has made from 95k (in a startup) to 125k (in a Fortune 500 company) over the last 8 years, alternating with periods of self-employment (1099, paying the 15 percent self employment tax) @ $75/hr and paying for his own health insurance, to corp-to-corp employment through his S-corp (billing from $75-100 hr, depending on the contract) to W2 employment through contracting firms for $65/hr w/ benefits.

In all these scenarios, Obama's tax plan appears to be better for Rob the software engineer.

[Teh Ricer Civic!]

...or how about 'Rob the software engineer' instead of Joe the plumber.... in a normal programming job, 'Rob' has made from 95k (in a startup) to 125k (in a Fortune 500 company) over the last 8 years, alternating with periods of self-employment (1099, paying the 15 percent self employment tax) @ $75/hr and paying for his own health insurance, to corp-to-corp employment through his S-corp (billing from $75-100 hr, depending on the contract) to W2 employment through contracting firms for $65/hr w/ benefits.

In all these scenarios, Obama's tax plan appears to be better for Rob the software engineer.

"Rob the software engineer" is not a business owner. Businesses that can not afford to expand as well (especially given a bad economy) certainly would be even more harmed by a large tax hike. There are a lot of BIG businesses out there that are hurting, you want to increase their taxes too?

[Robert Hall]

"Rob the software engineer" is not a business owner. Businesses that can not afford to expand as well (especially given a bad economy) certainly would be even more harmed by a large tax hike. There are a lot of BIG businesses out there that are hurting, you want to increase their taxes too?

An S-corp is a business, albeit often a sole proprietorship. Big businesses have to pay their fair share...and many of them that make huge profits (Exxon, etc) often make those profits through illegal/corrupt means..(look at Enron, Worldcom, Broadcom, etc..) Interesting factoid--these corrupt big businesses usually have a Republican CEO at the helm...coincidence?

Edited October 16, 2008 by moltar

[FUTURE_OF_GM]

maybe its just me but didnt jobs start vacating to the other places of the world during slick willy's day?

Yep...

It really angers me when the Dems start finger pointing at Bush about job losses when the Democrats started it all.

Who signed NAFTA into existence? Who lobbied to give China free trade?

Here in NC (Blue collar textile central) our economy got wrecked by Clinton and Gore. Bush certainly has made things worse though.

Both parties suck.

[Teh Ricer Civic!]

An S-corp is a business, albeit a sole proprietorship.

What the hell are you talking about? an S-Corp has shareholders like a C-Corp but it is not double taxed, it distributes earnings to the shareholders just like a partnership would. I suppose you could have an S-Corp with only 1 share that's owned by one man but its a little different.

[Robert Hall]

What the hell are you talking about? an S-Corp has shareholders like a C-Corp but it is not double taxed, it distributes earnings to the shareholders just like a partnership would. I suppose you could have an S-Corp with only 1 share that's owned by one man but its a little different.

Lots of S-corps have 1 person... Common practice in the freelance/independent consulting world. Usually has tax advantages compared to an LLC.

Edited October 16, 2008 by moltar

[Teh Ricer Civic!]

Lots of S-corps have 1 person... Common practice in the freelance/independent consulting world. Usually has tax advantages compared to an LLC.

I am not aware of any tax advantages of an S-Corp to a sole proprietorship... not to say that there aren't any.

[balthazar]

>>"Wonder what the actual plumbers make per year?"<<

Going rate a plumber charges in Jersey is $75-85/hr. 2080 hrs/yr x 80 = $166K gross.

Now, plumbers have a lot of overhead/expenses, plus by nature- downtime during a normal day (ie- many jobs are NOT 8-hr, involving unpaid travel time). As parts/materials are extra (& commonly marked up 10%), a guy who works hard, tosses in overtime / some weekend jobs and manages to land a longer-term, really lucrative job and it's entirely possible he could clear $250K. Most do NOT, even in this market; downtime, scumbags who don't pay, and business costs eat a huge chunk of that up.

Edited October 16, 2008 by balthazar

[Sixty8panther]

It really angers me when the Dems start finger pointing at Bush about job losses when the Democrats started it all.

Who signed NAFTA into existence? Who lobbied to give China free trade?

you're wrong.

wrong, WRONG WRONG WRONG!!!!

You need to just STFU, cause now you're just making stuff up.

Clearly, from your post I can tell you're just a fascist, schauvinist pig

and a baby-killer. Everything good that has ever happened ever since

1992 to 2008 is Clinton's legacy, while anything bad that happened is

the fault of the money hungry, satanic worshiping racist, class-war

promoting republicans.... they love to kick kittens and drop anvils on

unsuspecting puppy dogs while clinging to their guns and religion.

There is two eras of the EVIL Republicans in the last three decades.

The first was 1980-1992, Regan & Bush did such horrible things as

end Communism and reverse the downward spiral of inflation.

(see how despicable these blood-thirsty pig-lords are?!?)

The second era of Republicans was/is 2000-2008.

Can you believe that G. Bush (Walker) appointed more

African Americans with membership in his cabinet than anyone

else prior? That despicable child-psychologist wannabe.

obviously, as Kanye says, he: "does not care about black people"

-----

You %*$^@$ conservatives make me sick!

Why can't you just let me sit at home in peace with my seven kids,

collect my wellfare check, and /or abort babies as a means of birth

control, agree that guns kill people and therefore no person, other

than a trusted, uncorruptable & superior-civil-right-vested police

officer should ever be allowed to have one, and lastly, why can't

you just agree that no matter the cost, everyone deserves FREE

healthcare, and punishing those that obtain the American dream

with high taxe$$$ is the way to fund it! After all, I can not really

contribute much from my pocket, what with my sprained thumb I

can not even go back to work at Burger Kingfor another six months.

And I can't afford those percosetts out of pocket I'll tell you that

much right now.

Edited October 16, 2008 by Sixty8panther

[Satty]

'Palin took off her blazer at a rally the other day!'

OK, aside from me wanting to see that....slowly, to music, if that is the notable thing we say about her as a candidate, then its safe to say she needs more time.

I forgot to ask him if she let her hair down, too. LMAO

Hey reg, I've found something for you, right here.