His name isn't even Joe, but to me the way he asked the question and it was pretty much a speculative, I'm thinking of buying the business I am in,
a completely theoretical question, where if he were really serious he would already be saavy enough to not actually wait for Obama to explain the plan
on the spot but have possibly did this for himself.
He claims the business will cost him around 250,000, did he actually say he makes 250k now doing his job as and independent? and did someone help him
out ahead of time how taxes actually work when you are in a business and how to write off expenses, and use all loopholes, actually in that capacity
of small business you usually have a damn good accountant to make sure you pay the least amount of the base tax though, a lot more available loopholes
than an individual....most people don't know these things and fall for the surface sell of the Joe the plumber fable, how stupid.... I mean set up
the company and your payroll, separately keep all receipts, pay yourself a salary (not like how he makes it sound 250,000) and then your employees and
the rest in the company account.... I could see a theoretical of him paying himself a modest salary of 70k and two other employees about 40k
each...150k in salary split between 3 employees who would be eligible for individual tax breaks based on how they spend their money and how many
dependents they have ....with around 100k left for the business , basic employee insurance and other expenses, this should be easy enough to write off
and keep a good percentage of and invest some in some sort of tax exempt funds or something.
If he has a good business he can grow it and make more money and find more ways to keep his accountant busy to circumvent legally many of the base
taxes people are complaining about.
anyhow I just don't buy his story completely because I know some blue collar area plumbers, and they do not make 250k as a norm, in business for
themselves or as an independent like this guy.