Does "Joe the Plumber" make over a quarter million a year?

The McCain campaign has latched onto Joe the Plumber, the poor working class man who will be unfairly punished by Barack Obama, just for being a hard-working plumber. But this conversation started with the plumber saying he's getting ready to purchase a business that makes over 250,000 a year. There aren't many of us that can say the same thing these days. And, more than that, a business that clears a quarter million doesn't get taxed until the books are balanced. So is he talking gross or net? And if he is clearing that figure, shouldn't he be paying more taxes than me rather than less?


UPDATE: Turns out Joe the Plumber doesn't have a plumbing license. And he owes back taxes.