The best answer to Joe the Plumber when he said he wasn't going to be able to buy his business (where he would make $250-275k) because of the increase
Posted by
pmb (aka pmb)
Oct 16 '08, 12:13
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in taxes under Obama would have been: "Let's say you make $275k after all your deductions and expenses. First, congratulations. You're in the top 5% of all earners in the country. Second, you'll be taxed higher on only the portion over $250. So your basic increase will be 5% of $25000 or $1250. If a $1250 increased cost will keep you from buying a business where you can earn $275k, you're an idiot."
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