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  • From: EarthNSky <erthnsky AT bellsouth.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Scary as h*ll
  • Date: Thu, 16 Oct 2008 23:13:30 -0400

I thought Joe was a plumber who was thinking about buying a new business(not necessarily plumbing). On the news tonight, I thought Joe said that he made far less than the 270K he hoped to make with the new business, that his question was basically a hypothetical.
That said, the reporter on the story revealed that apparently Joe did not have a plumbing license and had a tax lien..(woops)
My first thought..It's him, It's HIM, It's Joe Six Pack!!!

Bev :)


Marie McHarry wrote:
On Thu, Oct 16, 2008 at 10:13 AM, <DSanner106 AT aol.com> wrote:
This had absolutely everything to do with taking
the profits of small businesses.

A plumbing business that has $250,000 in profits after expenses is a
pretty big plumbing business. You do realize that the 3 percent that
Obama is proposing is the marginal rate; i.e., this guy's tax would
only go up 3 percent on the amount he takes in profit above $250,000.

Plus, to buy a business with profits in that range is going to take
several multiples of the profits -- a million dollars or more,
depending. In the current lending climate, I'd guess that taxes on
profits are the least of his worries. (And that's not counting getting
a plumbing license or paying his back taxes.)

Marie
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