Obama vs. Plumber

[Jaimecbr900]

its the way of the world my friend... life isn't fair and when your on top everyone wants a piece... do i like paying taxes? No. do i expect to pay more due to our income? Yes.

You wouldn't have to with the Fair Tax in place.

BTW, you still didn't site your "source" of those charts.....

http://www.toledoblade.com/apps/pbc...EWS09/810160418

Joe also hasn't voted since 1992. Apparently he's not that concerned about the government if he hasn't voted in 16 years.

Yeah, the union leader they interviewed in this article didn't seem to hold a very high opinion of Joe the plumber. I imagine Joe will be visited by some union thugs in the near future. Oh, and the plumber's union supports Obama.

And your point is what? That because he hasn't cast a vote in some time, if that's even true, that what he SAID was not right? Obama choked all over it. If it came from an unemployed piss ant doesn't matter as much as the fact that he finally admitted he was going to simply distribute the wealth around. Talk about that.

Generally speaking I fall in the conservative side of things but as a Finance major Imma do my part in shedding a bit of knowledge. Most entrepreneurs Are not able to fund an entire business endeavor straight out of the gate. Seeking investors (or a single) to invest in their project and then receive something like 10% of the original investment plus the first 5-10% of profits every year for 10 years is a very common investment prospect. Those 5-10% extra the investor is receiving is not considered income to the investor, it is a form of capital gain (as is any dividend or sale of stock for a profit) and is taxed under capital gains tax (if i believe I understand capital gains right).

Do you see what I'm getting at? In the financial world, its far more common for small business to begin with initial investors that are not there for the long/indefinite term and this is when Capital Gains will come into play.

Paying the miniscule amount that you would pay for taking out dividends amounts to less than a drop in the preverbial bucket.

Real life shows that most small business owners from mom and pop shops to less than blue chip co's don't sell out all that often. They may set up shell LLC's to tax shelter their money and get taxed less than straight income. They may opt to take options instead real money. But the bottom line is that very few personal tax returns are ever affected by Capital gains as a small business owner. So again, you're offering ice to eskimos. It's a placebo.

PS - "Joe the Plumber" doesn't have the required license to be a registered plumber in his county, which states is a requirement.

Once again.....AND????

You obviously don't want to talk about content and want to get stuck on meaningless details. Ok, I'll play along. Have you thought about the fact that many plumbers are allowed to work for a COMPANY and thereby noone requires the individual plumber to have a "license"??? How about all the DJ's in every radio station? Do you think each individual one of them are FCC licensed? Does that make them any less a DJ? How about RE agents that work under a Broker? Any less an Agent? I could go on and on. Many professions allow you to legally work under someone else that is licensed w/o any problems what so ever. So where is your argument? Besides, what does any of this have to do with what he SAID?

Talk about grasping at straws.

[4dmin]

You wouldn't have to with the Fair Tax in place.

BTW, you still didn't site your "source" of those charts.....

this was pulled from some major news source done by a 3rd party analyst... it has been used on this section for a while it will take me a while to find the original that wasn't an attachment

[Jaimecbr900]

this was pulled from some major news source done by a 3rd party analyst... it has been used on this section for a while it will take me a while to find the original that wasn't an attachment

Ummmmhmmmm, likely story......


Go find it biotch!!!! Now I get to flip the coin on you like you did me.....

[Verik]

Paying the miniscule amount that you would pay for taking out dividends amounts to less than a drop in the preverbial bucket.

Real life shows that most small business owners from mom and pop shops to less than blue chip co's don't sell out all that often. They may set up shell LLC's to tax shelter their money and get taxed less than straight income. They may opt to take options instead real money. But the bottom line is that very few personal tax returns are ever affected by Capital gains as a small business owner. So again, you're offering ice to eskimos. It's a placebo.

You obviously need to reread my post. Dividends was not the main subject. I was talking about the financing of a new business or a purchase of a business is almost never done in full by the entrepreneur who is looking for the long term. There are people out there who live off of the money they make by capital gains on investments in the startup (not long term investments) of small businesses.

I'm not arguing for or against the capital gain tax (raise or decrease). It's just that a lot of people are throwing capital gains around without quite realizing all that it is.

[Total_Blender]

And your point is what? That because he hasn't cast a vote in some time, if that's even true, that what he SAID was not right? Obama choked all over it. If it came from an unemployed piss ant doesn't matter as much as the fact that he finally admitted he was going to simply distribute the wealth around. Talk about that.

Have you thought about the fact that many plumbers are allowed to work for a COMPANY and thereby noone requires the individual plumber to have a "license"??? How about all the DJ's in every radio station? Do you think each individual one of them are FCC licensed? Does that make them any less a DJ? How about RE agents that work under a Broker? Any less an Agent? I could go on and on. Many professions allow you to legally work under someone else that is licensed w/o any problems what so ever. So where is your argument? Besides, what does any of this have to do with what he SAID? .

http://www.bloomberg.com/apps/news?p..._eQ&refer=home

According to records on file with the Lucas County Court of Common Pleas, the state filed a tax lien against Samuel J. Wurzelbacher for $1,182.98 on Jan. 26, 2007, that is still active. The address on the lien and other records for him matched the address published by the Toledo Blade, which also noted the lien.

and...

Under Obama's proposal, Wurzelbacher would face about $900 more in taxes if he netted $280,000 of income from his new business and had to pay an extra 3 percentage points on the amount over $195,851, said Gerald Prante, a senior economist at the Tax Foundation, a Washington research group that is examining both candidates' plans.

http://www.msnbc.msn.com/id/27221645/#storyContinued

Building Inspection officials said Newell was responsible for making sure that anyone working under him was licensed. The Toledo Plumbing Board of Control may consider sanctions against Wurzelbacher or Newell, officials told NBC affiliate WNWO of Toledo.

and...

Even if he did buy Newell Plumbing and Heating, Obama’s tax plan wouldn’t affect him. While Wurzelbacher told Obama that he would be taxed at a higher rate because the company grossed more than $250,000 a year, Ohio business records show the company’s estimated total annual revenue as only $100,000. Actual taxable income would be even less than that.

In any event, Obama’s tax plan specifies that the higher rate would apply only to income above the $250,000 threshold. Assuming Wurzelbacher’s income as owner somehow hit $280,000 — the top end of his supposition of the company’s revenue — only the extra $30,000 would be taxed at a higher rate.

1.) Joe the Plumber owes back taxes.
2.) Joe is working illegally without a liscense.
3.) Joe made $40k in 2006
4.) Joe mis-represented the income of the business to Obama and the media.

So Joe is hardly in a position to buy the business in the near future. The
The Toledo Plumbing Board of Control is actually considering an investigation of Newell Plumbing and Heating. A friend of mine was working on a non-union job and the IBEW sent a couple of goons out to the jobsite who very politely told him to go home. After Joe has a visit from the union thugs whats left of him will have to pay the IRS for back taxes.

[bafbrian]

Once again.....AND????

You obviously don't want to talk about content and want to get stuck on meaningless details. Ok, I'll play along. Have you thought about the fact that many plumbers are allowed to work for a COMPANY and thereby noone requires the individual plumber to have a "license"??? How about all the DJ's in every radio station? Do you think each individual one of them are FCC licensed? Does that make them any less a DJ? How about RE agents that work under a Broker? Any less an Agent? I could go on and on. Many professions allow you to legally work under someone else that is licensed w/o any problems what so ever. So where is your argument? Besides, what does any of this have to do with what he SAID?

Talk about grasping at straws.

Personally, I don't care about "Joe the Plumber". Honestly, I have no argument because in his case, the state required the license. That isn't debatable. If the state requires the license, for whatever profession, then it would make that person "unqualified" to operate without it. Like I have said before, arguing over small issues is not what is important. I merely stated a fact about him.

However, I do find it amusing the situation he has put himself in.

[Alan®]

arguing over small issues is not what is important.

How is it not important with the cituation we are in.

[bafbrian]

How is it not important with the cituation we are in.

Did you even read the post I was responding to?