Joe the Plumber ... Does Obama understand GROSS income?

McCain made Joe the Plumber famous. Listening carefully to the video it is clear that Obama either does not understand business income, plans to raise taxes at a lower income threshold than reported previously, or both. Note that Joe states that the business he plans to buy "makes about $250, $270, $280 thousand dollars a year ..." It seems reasonable to assume Joe is reporting GROSS income. If so, Obama's reply to Joe is beyond troubling. Obama appears to not understand the relationship between a GROSS INCOME from a business and a business owner's take home pay. Does Obama intend to tax GROSS INCOME?



Gateway Pundit has an excellent Joe the Plumber round-up.

UPDATE: Hmm ... how many factual errors or irrelevant, but mis leading, details can you identify in this paragraph:

A day after making Joseph Wurzelbacher famous, referencing him in the debate almost two dozen times as someone who would pay higher taxes under Barack Obama, McCain learned the fine print Thursday on the plumber’s not-so-tidy personal story: He owes back taxes. He is not a licensed plumber. And it turns out that Wurzelbacher makes less than $250,000 a year, which means he would receive a tax cut if Obama were elected president.