Thread: "Joe the Plumber" for Congress

Samuel "Joe the Plumber" Wurzelbacher has expressed interest in channeling his newfound fame into a congressional run against Democratic Rep. Marcy Kaptur in 2010, he told Fox News on Saturday.

"Politics is a big part of my life, Wurzelbacher told the network's Neil Cavuto. "I love how American government works."

The Raw Story | 'Joe the Plumber' for Congress?

Rare to have a lobbyist lie THEN run for office. Very interesting.

Originally Posted by Ronin Tetsuro

The Raw Story | 'Joe the Plumber' for Congress?

Rare to have a lobbyist lie THEN run for office. Very interesting.

Just more corruptness from your uncle.

What did Joe the Plumber lie about?

Well let's start with the first five words in the link in the OP

Samuel "Joe the Plumber" Wurzelbacher

And that's ignoring the fact that he doesn't have a plumbing license, is related to people involved in the Keating scandal, ect ect.


If you don't read the OP, you can't expect to have anything intelligent to say about the topic at hand, can you?

And I smell more defection pending in the way of "But he asked Obama a legitimate question which he failed to answer".

For that, I will be referring to the following, written by a REPUBLICAN BUSINESSMAN.

During the McCain-Obama debate yesterday evening, McCain said Obama’s tax plan would hinder Joe the Plumber’s ability to buy the plumbing business for which he’s worked for so many years. Here are McCain’s exact words: "You (are) going to put him in a higher tax bracket which (is) going to increase his taxes, which (is) going to cause him not to be able to employ people, which Joe was trying to realize the American dream."

Will Obama’s plan derail Joe’s American Dream? Not likely. Here’s why. Business purchases are tax-deductible under the current tax code [1]. So, if Obama is elected and his proposed tax plan goes into effect, Joe the Plumber’s taxes would not go up until his purchase of the business is paid off. The reason is, again, buyers of businesses get to deduct from their taxable income the price they pay for a business [1].

By way of example, let’s assume: Joe has been taking home taxable income of $50,000 per year as a plumber-employee; the business Joe wants to purchase earns taxable income of $300,000 per year [2,3]; Obama’s tax plan will raise the tax rate on income over $250,000 from the current 33% to 35%; and the purchase price for the business is $800,000 [4].

Now 95% of business purchases in the United States are completed by purchase of the assets of the business, as opposed to purchase of the common stock. This is a legal distinction, but the tax consequences are significant. In short, a purchase by assets—a method that almost certainly will be used by Joe the Plumber—will allow Joe to deduct from future taxable income the price he pays for the business. Will Joe be able to deduct 100% of the purchased price? Well, not likely, but he’ll no doubt be able to deduct most of it. Here’s how. Let’s say the purchased assets are:
Accounts Receivable $100,000
Inventory $100,000
Trucks, Tools, Equipment, Furniture, etc. $400,000
Seller Consulting (over five years) $50,000
Goodwill (e.g., business name, customer lists, etc.) $150,000
Total $800,000

In this case, $650,000 of the purchase price (paid for trucks, tools, equipment, furniture, seller consulting and goodwill) will be deductible against taxable income. So Joe will enjoy an annual tax deduction of, say, $100,000 per year for the first five years that he owns the business and then $10,000 for another 10 years [5]. Assuming the business continues to earn $300,000 per year in profit (profit before depreciation, such as what Joe will get from his purchase of the business), Joe’s taxable income will be just $200,000 for the first five years and then $290,000 the following 10 years (after the above-stated depreciation is used to reduce the taxable income). After 15 years, the write-offs will be used up, but the business certainly will have been paid for by then. In fact, if Joe is like most business buyers, he'll have the business paid off within five years.

Consider as well that Joe almost certainly will have to borrow money to buy the business. This will generate tax-deductible interest expense and further lower the taxable income and, thereby, taxes that Joe will have to pay. Will Joe’s taxes go up under the Obama plan? Certainly not during Joe’s first five years when he’s paying off the purchase. Might they go up later? Well, if Joe is fortunate to succeed in the business and begin earning taxable income that exceeds $250,000 per year, yes. By how much? Let’s say that in years seven and beyond, Joe begins earning taxable income of $350,000. If Obama is elected and raises the tax rate on income that exceeds $250,000 from the current 33% to 35%, Joe’s tax bill will go up by $2,000 per year.

In conclusion, Obama’s tax plan should NOT in any way hinder Joe’s dream of buying his employer. The only question is whether it is fair that Joe should pay an additional $2,000 per year in taxes if, after he has fully paid for the business, his taxable income increases to $350,000 per year. This is for you to decide. But the good news is that if Joe is faced with this burden, he will have raised his annual income from $50,000 to $350,000 and, alas, achieved the American dream, well within his reach no matter who is elected the next president of the United States.

Pacifica Riptide: Barack Obama Talks Taxes with So-Called Joe the Plumber; Republican Businessman Clarifies

Please read the above before further spreading a debunked meme.

Originally Posted by Ronin Tetsuro

And I smell more defection pending in the way of "But he asked Obama a legitimate question which he failed to answer".

For that, I will be referring to the following, written by a REPUBLICAN BUSINESSMAN.



Pacifica Riptide: Barack Obama Talks Taxes with So-Called Joe the Plumber; Republican Businessman Clarifies

Please read the above before further spreading a debunked meme.

Good thread, Ronin. Good work.

Joe's a fucking welfare penis. He wants some free ride just because he's been a drain snake for 20 years. I bet if he wears a hoodie it looks like a foreskin.

Originally Posted by Davocrat

Good thread, Ronin. Good work.

Joe's a fucking welfare penis. He wants some free ride just because he's been a drain snake for 20 years. I bet if he wears a hoodie it looks like a foreskin.

Wow Dave... what an ignorant post... I guess the stress is getting to you.

Originally Posted by Ronin Tetsuro

Well let's start with the first five words in the link in the OP



And that's ignoring the fact that he doesn't have a plumbing license, is related to people involved in the Keating scandal, ect ect.


If you don't read the OP, you can't expect to have anything intelligent to say about the topic at hand, can you?

good, maybe he can get some real tax relief in the works. I have to take what I have learned here and question the source first thing.Since it is a suspect site anyway I think this really is not relevant.

Originally Posted by Davocrat

Good thread, Ronin. Good work.

Joe's a fucking welfare penis. He wants some free ride just because he's been a drain snake for 20 years. I bet if he wears a hoodie it looks like a foreskin.

Indeed, I bet his slot at university was taken away by affirmative action. Nudge nudge wink wink.

Originally Posted by Heel31ok

good, maybe he can get some real tax relief in the works. I have to take what I have learned here and question the source first thing.Since it is a suspect site anyway I think this really is not relevant.

I don't really understand how Raw Story isn't a credible source? While you're figuring out a sane way to explain that, here you go:

Will "Joe the Plumber" compete for the new title of "Joe the Congressman" in 2010? Samuel Joseph Wurzelbacher says he's thinking about it.


The Ohio plumber, whose nickname became a quick catchphrase on the presidential campaign trail, told FOX News' Neil Cavuto on Saturday that he's considering a run for Congress in response to recent chatter on Web sites and talk shows.


"Politics is a big part of my life. I love how American government works," Wurzelbacher told Cavuto, adding that he often has asked himself, "What can I do to make a difference?"

'Joe the Plumber' Considers Run for Congress - FOXNews.com Elections

Wow. Look at that! The FOX link has the same quote as the Raw Story link. What are the odds? :sarcasm: