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View Diary: No country for Zuckerbergs (193 comments)

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  •  One more: it's about TAXABLE income. (8+ / 0-)

    Joe the Plumber was never corrected and should have been. He was claiming that this mythical company that he couldn't buy would be taxed at a higher rate because its gross was $280,000. No one pays tax on gross. What do you guess the taxable income is on a plumbing business that grosses $280,000? $50,000 max, maybe? If even that.

    We need to continue to correct this misstatement. When they talk about an increase in tax on incomes over $250,000, that's TAXABLE income. So, we're likely talking about someone who might gross a half-mil or more. AND they only  pay the higher rate on their taxable income over $250,000. Not on the whole amount.

    "Another day, another dolor." by don't know who.

    by parker parrot on Sun Oct 03, 2010 at 08:39:44 AM PDT

    •  Also, we're talking about PERSONAL income (2+ / 0-)
      Recommended by:
      Odysseus, The Walrus

      not corporate profits, which are taxed differently and for which there are multiple ways to reduce the overall tax burden. It's essentially impossible to earn over $250k by running a business that grosses $280k, unless one sells air out of the trunk of one's station wagon.

      So to speak...

      "Those who stand for nothing fall for anything...Mankind are forever destined to be the dupes of bold & cunning imposture" --Alexander Hamilton

      by kovie on Sun Oct 03, 2010 at 09:04:36 AM PDT

      [ Parent ]

    •  That was one of the few things (0+ / 0-)

      that annoyed me about Obama during the campaign. He chose to use the JTP encounter as a teaching moment instead of simply correcting the hypothetical. If he had simply set the record straight at the time, JTP would have faced back into his well-deserved obscurity that much more quickly.

      "I can't come to bed yet! Someone is WRONG on the Internet!" - XKCD

      by SingularExistence on Sun Oct 03, 2010 at 10:24:31 AM PDT

      [ Parent ]

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