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Robama Hood’s Tax ‘Fairness’ by Deroy Murdock on National Review Online

As for Joe the Plumber, Americans for Tax Reform calculates that if he bought that plumbing business and earned $280,000 in net profits, he currently would pay a marginal tax rate of 33 percent costing $53,742 in income taxes and a 2.9-percent self-employment tax on profits above $250,000, leading to $20,768 in additional tax. This adds up to $74,510 in federal taxes.

Under Obama’s plan, however, he would face a 36-percent rate and taxes of $54,205, plus a 15.3-percent self-employment tax equal to $24,488, totaling $78,693.

Thus, Barack Obama’s victory would let Joe the Plumber watch $4,183 go down the drain.

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