The Real Point About "Joe The Plumber"
For having embarrased The One, the left-leaning media started digging into Joe's past and it turned out that Joe was his middle name rather than first name, that he lacked the license and formalities required by him from the government and unions and that he didn't make anything close to the $250,000 that he would have to earn to get hit by Obama's tax hikes.
But really, I don't think it is that important of Joe is his first or middle name. And nor do I care avbout licensing (see Lew Rockwell on this issue). And Joe never claimed to make $250K now. What he said was that if he invested in expanding his business then he will hopefully make that kund of money.
The point here is that the Obama tax hike will make it less profitable to invest and expand your business and so might discourage some from doing so. This means less investments and less wealth-creation. And it should be emphasized, Obama's so-called tax cuts have the same effect as they are phased out as income rise, raising the marginal tax rate (See more on this issue here). And so Joe the Plumber himself is really not that important. What is important about this story is that it illustrates how both Obama's tax hike and his "tax cuts" will contribute to increased marginal tax rates across the board and so discourage wealth creation, leading to less of it. In the current cyclical downturn ,that kind of Herbert Hoover-type policies are the last thing America needs.
For more reading on this case, see Lew Rockwell and Mark Steyn