During the first part of the debate, there was a discussion about Joe the Plumbler...John McCain just raised Joe Plumber's taxes and Obama didn't: here is how...
McCain raises taxes on Joe the plumbler, because McCain tax proposal will eliminate the employer deduction on health care expenses that businesses receive. So if Joe buys the business and it has several employees, then the cost that Joe chips in toward their health coverage would no longer be deductible. Thus, McCain raises taxes on Joe the plumber.
But Obama didn't. If a small business files its taxes under a 1040 and not under a corporate tax return, it subtracts expenses, such as salaries and equipment before the tax is calculated. So it is not a small business receiving $250,000 in income that would have their taxes increased, it is small businesses that have PROFITS of 250,000 after expenses that would have their taxes raised under Obama's proposal.
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