Say Joe, It Ain't So!

Something doesn't add up in the story of Joe. According to John McCain, Joe wants to buy a plumbing business, but Obama's tax plan would get in the way. How so?

Suppose Obama's tax hike applies. That means the business makes over a quarter of a million a year in net profit, after all the expenses are paid: salaries, rent, maintainance, supplies... We take all that out before we even get around to figuring how much tax the business owes. After that, if there's more than $250,000 left over in profits, the owner would pay a few percent more in taxes on the part of the profit over a quarter million. How would that keep Joe or anyone else from being able to afford the business? How would it lead to even one less job?

Does John McCain understand this? If he doesn't, then he really was telling the truth when he said that he doesn't know much about the economy. But if he does, then let's just say that this whole business isn't based on honest accounting.