A political note:

[pyat]

Joe "The Plumber" Wurzelbacher sounds like a jackass.

Mr Wurzelbacher said Mr Obama's plan to raise taxes to redistribute money was "kind of a socialist viewpoint".

"Robin Hood stole from greedy rich people and redistributed it to the peasants, so to speak, so if he's calling us peasants, I kind of resent that," he said."

He's worried that Obama would tax his prospective business to the tune of 39% instead of the current 36%. So, shouldn't he see himself as one of the "greedy rich people" Robin had to steal from?

Comments

[dagoski.livejournal.com]

Not only is he a jack ass, he does not understand how US business entities work. There's a big difference in how income from sole proprietorships and liability shielding companies(LLCs, S-Corporations and Corporations) are taxed. If he's pulling down enough to get hit by Barry's tax cut, he's making enough that he should be organized as an LLC or S-Corp. Among other things, this lets you split your assets from your company's. That means your personal income is not the same as the company revenues or even its total profits. The company will have to pay taxes in its own right, but the share Joe would want to take home would be much smaller. Meanwhile, starting or purchasing a business gives you a big tax break. The following year, you might be in trouble for owning the business as an asset, but this is all why you hire an accountant instead of listening to some idiot on LJ.

[foomf.livejournal.com]

He's a fiction created by a Republican who isn't speaking to anyone who actually knows how business works.

Sadly I know of at least two such people, in real life (well, one has died, and the other inherited, without benefit of meaningful legal preparation.)

Because of the carefully sustained folk tale that any small business can be successful without needing to get a specialist to ensure that they are not just following the law, but also taking advantage of its protections ... they're Independent and Self Reliant. This lets the stinking rich ones come away so much better, while increasing the resentment of the barely rich, so they can be herded into voting for slime.

[dagoski.livejournal.com]

Yeah, that myth almost got me in a lot of trouble. If the state if Michigan at the time was not so forgiving of filing mistakes and so willing to let idiots like me file and file again until I got it right, I would've had a lot of fines. I shoulda consulted a local lawyer on this stuff. Luckily I did hire an accountant and avoided trouble with the feds on taxes.