Joe the plumber would be eligible for an Obama tax cut - never mind ‘spreading the wealth’ Joe simply won’t have to pay so much - in fact the tax cut he would receive under an Obama administration would equal or near of the back tax Joe now owes. I hope he is getting some payment for all the press he is doing - for a McCain campaign that doesn’t have his interest at heart - as this man in no way earns $250,000 which would make him eligible for a McCain tax cut for the wealthiest 5% - dreaming about being there is fine, for the moment Obama plan would cut him the slack, it appears he and his son need.

Joe the plumber would be eligible for an Obama tax cut - never mind ‘spreading the wealth’ Joe simply won’t have to pay so much - in fact the tax cut he would receive under an Obama administration would equal or near of the back tax Joe now owes. I hope he is getting some payment for all the press he is doing - for a McCain campaign that doesn’t have his interest at heart - as this man in no way earns $250,000 which would make him eligible for a McCain tax cut for the wealthiest 5% - dreaming about being there is fine, for the moment Obama plan would cut him the slack, it appears he and his son need.

Under Obama Joe would get a tax cut – under McCain Joe would have to first have to earn $250,000 plus in profit on his business, so that he can then get a McCain tax cut. If like Joe has stated wants to go into a partnership – that profits will be split – leaving Joe again with less than $250,000 in profits and still eligible for the Obama tax cut for families earning less than $250,000.

Oct. 23 (Bloomberg) — The presidential campaign yesterday came down to a contest of “Joe the Plumber” versus “Joe the Hedge-Fund Manager.”

Republican John McCain continued to invoke the Ohio man, known now as Joe the Plumber, to charge that Democrat Barack Obama would raise taxes on American workers. Obama countered that his plan would cut taxes for the Toledo-area plumber while McCain’s proposals favor the wealthiest Americans.

“Thanks to him, we’ve finally learned what Senator Obama’s economic goal is. As he told Joe, Barack Obama wants to, quote, `spread the wealth around,”’ McCain said in New Hampshire, referring to Samuel J. Wurzelbacher, who questioned Obama about his tax plan while the candidate was touring his neighborhood.

At a rally in Richmond, Virginia, Obama responded by saying, McCain “isn’t fighting for Joe the Plumber; he’s fighting for Joe the Hedge-Fund Manager.”

As stocks slump worldwide and a credit crunch burdens businesses and consumers, both candidates are focusing on the economy with the race in its final 12 days. Early voting already has begun in more than two dozen states, including the battlegrounds of Virginia, Florida, Ohio, and North Carolina.

National Polls

Obama has an average national lead of 7 percentage points, according to data compiled by Realclearpolitics.com. That includes several polls that illustrate the volatility of the electorate. An Associated Press-GfK survey taken Oct. 16-20 showed Obama with 44 percent support to McCain’s 43 percent, well within the margin of error, while a Pew Research Center poll conducted Oct. 16-19 showed Obama with a 14-point lead. A Wall Street Journal/NBC poll put Obama’s margin at 10 points.

Obama, who spent yesterday in Virginia, is taking a break from the campaign after an event this morning in Indiana to visit his ailing grandmother in Hawaii. McCain is heading to Florida, where polls show the two candidates in a close race.

McCain has been hammering Obama on taxes using the example of Joe the plumber, who told the Democratic nominee that he wanted to buy the two-person business where he works and was concerned that Obama’s plan would raise his taxes.

McCain, an Arizona senator, advocates extending the tax cuts passed under President George W. Bush, which are set to expire at the end of 2010. Obama, a senator from Illinois, says he would reduce taxes for families making less than $250,000 a year. Rates for households with taxable incomes of more than $250,000 would return to levels in the 1990s, going to 36 percent and 39.6 percent from the current 33 percent.

Tax Money

McCain accused Obama of seeking “redistribution of wealth.” His running mate, Alaska Governor Sarah Palin, has said the Democrat’s plan “sounds more like socialism.”

Obama noted that McCain opposed Bush’s tax cut plan when he was seeking the Republican nomination in 2000 and voted against them in the Senate.

“Was John McCain a socialist back in 2000?” Obama asked at a news conference.

Keeping with his theme, McCain’s campaign released a new television advertisement featuring Obama’s driveway encounter with Wurzelbacher, in which Obama tells him, “I think when you spread the wealth around it’s good for everybody.” The ad then shows a series of men and women saying “I am Joe the Plumber.” At the end, an announcer intones, “Barack Obama. Higher Taxes. More Spending. Not Ready.” The campaign says it will run in “key states” that it didn’t identify.

National Security

Obama also sought to confront McCain on national security, tying it to economic concerns.

“Our economy supports our military power; it increases our diplomatic leverage, and it is a foundation of America’s leadership in the world,” Obama said in Richmond.

On both security and the economy, Obama sought to tie McCain to Bush, whose approval ratings are at all-time lows.

McCain “would continue the policies that have put our economy into crisis and endangered our national security,” Obama, 47, said.

McCain repeated a line he used in their final debate: “I am not George Bush. If Senator Obama wants to run against George Bush, he should have run for president four years ago.”

Both candidates also addressed a controversy over remarks last weekend by Obama’s running mate, Delaware Senator Joe Biden, who said that if the Democrat is elected an international crisis will “test the mettle of this guy.”

McCain cited the statement for the third straight day to make his case that he is better prepared to take office.

`Cannot Invite Testing’

“The next president won’t have time to get used to the office,” McCain, 72, said. “He cannot invite testing from the world.”

Obama said Biden was trying to say that the transition to a new leader always brings the risk that U.S. adversaries will try to gain an advantage. He rejected the idea that his election is more likely to provoke an incident.

“We have to be mindful that as we pass the baton in this democracy that others don’t take advantage of it,” he said.

Homeland Security Secretary Michael Chertoff, in an interview Oct. 21, said there is a risk that terrorists may view the transition as an opportunity to strike, no matter whether it is Obama or McCain who wins on Nov. 4.

Source: Bloomberg

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