Everyone knows by now that Joe the Plumber asked the most sizzling question of the 2008 campaign- how will Obama’s tax policy affect small business? This question was infinitely better than anything asked in any of the debates, their high priced moderators notwithstanding.
Predictably, the MSM and lefty blogs, suspecting lèse majesté, went after him and all of a sudden it was Trash Joe Week.
Now I hate to pile on, but Joe is an ingrate. Why? BARACK OBAMA IS TRYING TO SAVE JOE MONEY! Small businesses are basically valued on their free cash flow, while the ability to grow a small business is very dependent on the ability to plow earnings back into the business. A tax hike would most likely reduce the price of any business Joe wants to buy, * because it’s worth less.* Its after-tax cash flows will be smaller, and reinvestment of such flows will also have a lower return. Of course, ever since the Democratic fiefdoms of Fannie/Freddie did such a number on the credit markets, the other way that small businesses raise capital- bank loans- will be very problematic for a long time.
That Joe has a nerve, I tell you! And you can find out more about his appearance on the Huckabee show here