Thursday, October 16, 2008

Should taxpayers help Joe buy a plumbing business that someone else owns?

Let's see, Joseph wants to buy a business that makes in profits $250,000 - $280,000 a year. So, the cost of purchasing must be, let me do that math:

Annual return on investment would have to be in the 5 to 15% range, let's say 10%. So, Joe can afford to shell out:
$2,500,000 - 2,800,000 dollars
He's a effing millionaire.

And he's concerned about paying 3% additional tax on the amount of profit he'll make over $250,000, anywhere between $0 and, OH MY GOD, $900!!!

He is not a millionaire, but a bit confused about the difference between income and expense, or a deceptive liar:

He acknowledged that he wants to buy a plumbing company for $250,000 to $280,000. That wouldn't be how much profit he would make from the firm.

He would make much less, he said.

Yeah, like only $30,000 !!!

AHHHGGG!! Thanks McCain for bringing up this total diversion. I guess we can count on that from you.

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