It’s actually a lot less radical than I was first expecting. NOTE: Less than 500 people have watched the video which goes to show you, they’d rather take somebody else’s account of it. Of course you need to know what’s really being said.
Actually Joe the Plumber’s overall taxes will probably stay the same.
Assuming Joe makes $300,000 under an O’Bama (He’s Irish You know!) plan.
1. Taxes on the $50,000+ would increase (approximately by 3%)
2. Taxes on income under $250,000 would be reduced.
3. Taxes on medical expenses would be removed.
4. Mr. Plumber would pay $1,500 more on the $50,000 but might get a bigger reduction overall.
Keep in mind this is just the “Profit” here. NOT REVENUE
Joe the Plumber could also have company car(s) that doesn’t get taxed along with a work computer and numerous other benefits.
Corporations pay less in taxes.
There are a TON more deductions for business expenses.
I know this year I can take 20% off my mortgage off my taxes as I use it for a home office for my business.
Last year I took off all of my computer and dual 24 inch LCD monitors off of my taxes as well as office furniture as well as half my internet connection, my whole business trip to Vegas for PubCon and half the meals when I was there.
I hate the idea of taxing more and hindering the American dream, but I don’t see a way to pay for the $700,000,000,000 bailout otherwise.
If anybody has a solution that works other than just printing the money, I’m all ears.
Keep in mind the best correlation for this is the Henry Ford paid his workers MUCH more than the average worker. Why? He wanted them to buy his cars!