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Title: Debate Thread - Oct 15, 2008
Source: [None]
URL Source: [None]
Published: Oct 15, 2008
Author: n
Post Date: 2008-10-15 21:06:14 by christine
Keywords: None
Views: 983
Comments: 54

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Begin Trace Mode for Comment # 52.

#1. To: christine (#0)

McKooK mentioned a plumber - Joe Whirstleberger - from Ohio. Great start.

Jethro Tull  posted on  2008-10-15   21:09:08 ET  Reply   Untrace   Trace   Private Reply  

McKooK mentioned a plumber - Joe Whirstleberger - from Ohio. Great start.

Joe may be a very good plumber, but I fear he doesn't know NET from GROSS.

If he's about to buy a company that's gonna net him $250,000/year one or more of the following must be true:

A) He's already a millionaire.

B) Joe's first business expense should be a good accountant

C) He's found a loose credit banker somewhere (outer space?) that's gonna back him to the hilt.

D) He's buying the company from his dad.

E) His next big investment will be the bridge I'm gonna sell him today (he only lives about 15 minutes from me).

F) He's been the most frugal guy on the planet, enabling him to salt away mega-thousands/year every year of his adult life.

This is another phony McCain non-issue. The fact that both of these dunderhead candidates know so little about business/finance that they take Joe's phony bluster at face value shows how far removed they are from middle class common sense and reality.

Jazus, it's downright scarifying.

iconoclast  posted on  2008-10-16   10:06:18 ET  Reply   Untrace   Trace   Private Reply  

Joe could net 250k, but you make the assumption the profit all goes to Joe. I'm assuming he has a payroll to meet, with all the associated taxes. After subtracting that out (times x number of employees), an Obama tax hike so he "can spread the wealth" makes Joe's business venture absurd. Better Joe apply for a government job than be an entrepreneur.

Jethro Tull  posted on  2008-10-16   10:15:15 ET  Reply   Untrace   Trace   Private Reply  

Joe could net 250k, but you make the assumption the profit all goes to Joe.

I make no such assumption.

Reardless of whether it's net or gross (I sure as hell hope Joe knows the difference) the purchase price of this company has to be some whole number multiple of $250K or its one hell of a bargain! I don't care if it's a health/distress sale.

BTW, I think someone metioned that Joe planned to be be buying a truck. The present owner is gross/netting(???) $250K using a pack mule?

None of this Joe Whistleburger BS makes any sense.

iconoclast  posted on  2008-10-16   11:05:42 ET  Reply   Untrace   Trace   Private Reply  

Your initial comment is based on Joe netting $250,000/year. What I'm saying, and what Joe said, is after payroll, Joe gets socked with a new Obama 'rich' tax. Obama's plan doesn't take into consideration what Joe actually puts in his pocket after expenses. That makes Joe's point; he'd be insane to buy the business. Better he remain a worker.

Jethro Tull  posted on  2008-10-16   11:16:06 ET  Reply   Untrace   Trace   Private Reply  

Obama's plan doesn't take into consideration what Joe actually puts in his pocket after expenses.

Incorrect. Personal Income Tax on individually owned businesses is after all business expenses.

angle  posted on  2008-10-16   11:23:14 ET  Reply   Untrace   Trace   Private Reply  

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