Quote:
Originally Posted by Scottwax
What that quote shows is Obama's SOCIALIST mindset more than Joe's personal tax situation.
I have dozens of millionaire small to medium business owner clients.
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Well, let me ask you this...
When Dwight Eisenhower was President of the US, the highest marginal tax rate was 90% (1961). That rate took effect at $400,000.
Was Eisenhower (a Republican) and "socialist", "marxist" or "redistributionist"?
The reality is, Obama is far from a socialist because if he was and if he REALLY cared about taxing the wealthy, he'd talk about closing corporate and personal loopholes usually only available to those with money.
The reality is (as Warren Buffet will tell you), he pays a lower tax rate than his secretary. He does so because of deductions, shelters and havens for people like him.
As for "Joe the plumber"... he's looking more and more like a plant, but even if he's not, he should be more concerned about paying the LITTLE tax that he owes and not some pipe dream about buying a business he can't afford.
Which brings me to another point...
Joe the plumber isn't pay his tax bill (as it is) and he wants me to believe if he has his own plumbing business (much of which is paid in cash) that he is going to reporty $300,000 worth of income? Yeah right!!!
Full 'o crap is what we say in the biz.
He'll buy the plumbing business, he'll earn $300,000 per year, more than 1/2 will be undeclared (because it's cash), he'll further decrease his "taxable income" by $90k with his expenses (cell phone bills, car lease, capital costs etc...).
Now, Joe the plumber is paying tax on 60k. 25% of 60k is 15k.
So, he has gross income of 300k, he pays 15k in tax, so Joe the plumber is really paying 5% of Federal income tax. Poor Joe!
