Joe the Plumber's Home Value / Tax Assessment (not a joke)

[Kurt_and_Hunter]

http://www.zillow.com/homes/map/355-SHREWSBURY-ST-,-HOLLAND-OH_rb/

For a guy who thinks he makes $250,000/year he's certainly not flashy about it.

His house is valued at $122,500

He is either delusional or else the only person in America whose house is worth less than half his federal annual adjusted gross income

Obama is offering him a REDUCTION in his taxes. McCain offers him nothing. And he bitches about whether he can afford Obama's tax plan.

Diagnosis: MORAN

[frickaline]

1. ok ... now I'm confused

I thought he was saying that the business he was thinking of buying profits $250,000+ per year. Not that he personally profits $250,000. Am I mistaken?

[Eric J in MN]

3. Yes, except he was never clear about whether...

...$250,000 is profit or gross.

[frickaline]

8. ok ... well if he is concerned over the company being taxed on this money

then we can assume he meant profit right?

[Mayberry Machiavelli]

28. On Good Morning America he conceded he doesn't make anywhere near 250K.

[Kurt_and_Hunter]

5. How on Earth could he buy a business that profits 250K?

Such a business would cost millions of dollars. He obviously does not have millions of dollars.

He's a kook.

His wanting to buy that business is about like me wanting to marry Jessica Alba.

[frickaline]

9. hmm .. valid point.

I have no idea. The whole thing makes no sense to me.

[gblady]

17. yeah....

that's what I was thinking...
this is a dream of his...something he wants to do...
not something he is actually going to do...

[Lex]

13. You mean the business GROSSES $250,000 or NETS it, after deductions.

This is important and has everything to do with whether Obama's plan will help him.

You aren't taxed on GROSS PROFITS, but on the NET, after all the deductions are taken (which are numerous).

[WalrusSlayer]

19. Which raises my pet peeve...

All this talk about "raising taxes means small businesses can't employ people" sticks in my craw.

For starters, employment costs are an EXPENSE (i.e., a deduction), which means they aren't part of the NET which means they aren't taxed as income. So whatever Joe the Plumber's tax bracket is, it has no bearing on the cost of hiring employees. Zip. Nada.

In addition, there is a counter-argument that having a higher income tax on Joe would INCENT him to hire employees. If his income tax bracket is 30%, then for every dollar he invests in his business rather than keeps as income, the government essentially subsidizes. Put another way: the choice is invest a dollar, or keep $.70 after taxes. The higher the tax rate, the more leverage he has by funneling the gross revenue back into the business rather than taking it as net profit.

[Bread and Circus]

22. ding ding ding....winner here people.

[Cosmocat]

20. Let me make it easy - Joe the Plumber is full of shiite ...

this clown is NEVER going to see the $250,000 tax bracket in his entire life.

He is THINKING about buying a plumbing business like I am thinking about buying the entire McDonalds corporation.

[Kurt_and_Hunter]

2. ...

[1corona4u]

4. Here's the whole thread on it.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7477732

Oh, and that $122,500 was the sale before his. I know he paid more than that....that was from a 2005 sale. But you can see all the info in the topic I posted above.

[Kurt_and_Hunter]

7. That explains it... the thread is ignored, so I hadn't seen it

[Barack_America]

10. Ha ha ha. You're ignoring me. Awesome!

And after I took you off my ignore list a month ago!

Delicious!

:rofl:

[zulchzulu]

6. He's "self-employed", has a revoked license and owes taxes

If I were him, I'd "go to Disneyland" before he is publically humiliated even more.

[Yes We Did]

11. Well, 122,500 in one state is different than in another.

Where I grew up, if you have 122,500 to spend on a house... you can get a freaking mansion. My father's house, which is estimated at around 50K there would be worth several million where I am living now.

So... I don't think that is a very good argument.

[Kurt_and_Hunter]

12. Obama's tax plan is not regional

The point is the guy is not within 100 miles of having 250K taxable income no matter where he lives

[Yes We Did]

18. I understand what you are saying...

But you can't judge that by the price of his home. Depending on where you are at in the country, the price of a home varies so much. I mean... the guy's in Ohio. It's not like he's in California or New York...

So using the price of his home as a measure, or say he's not flashy... I don't think you can accruately do that.

[Yes We Did]

21. Actually, let me put it to you this way....

My father has a 3 bedroom 2 bath living room, dinining room, large kitchen home with a garage and a huge yard valued at 70K. in northern MI

My mother has the same set up, with a smaller yard but a slightly larger house in southern MI that is valued at 320K.

So, it's hard to judge someone's income based solely on the "value" or "price" on their home. That is all I'm saying.

[dennis4868]

14. For a guy who thinks he makes $250,000/year

Joe already clarified that he does not make $250,000 yet....this whole thing is a scam...Obama's policies look out for people like Joe the Plumber...he is one of those people who votes against his own economic interest probably because of god, guns and gays....

[jberryhill]

15. Assessed tax value or prior sale value are not market value /nt

[1corona4u]

16. Plus, Zillow is always wrong...always.

[yodoobo]

26. In Ohio I believe that assessed value is 35% of market value

I don't know if the OP's price is assessed or market value, but its something to consider.

Besides, its almost reading tea leaves anyway. Some people way overspend on houses, some way underspend. No idea where this guy is at. Some guys own homes they don't even live in. Maybe its an investment house. who knows.

[ipfilter]

23. I'm so happy the Internet is exposing these shenanigans.

We are in a new era of elections where the old rules of making shit up don't work anymore. All the facts are out there and armies of people dig them up.

[Blaq Dem]

24. How did you find his address?

Just curious.

[Kurt_and_Hunter]

25. Saw his house number 355 on TV during his press conf. Googled his name and "355"

[yodoobo]

27. Its amazing what you can find with google and 2 or 3 pieces of combined information