Rep. John Fleming (R-LA) told MSNBC’s Chris Jansing that President Obama’s deficit-reduction plan — which calls for increased taxes on wealthy Americans — only “hurts” the economy.
Fleming — a businessman who owns Subway sandwich shops and is responsible for more than 100 UPS stores across the south — said that taxing wealthier people hurts job creation. Jansing pointed out that, as the Wall Street Journal estimated, Fleming raked in more than $6 million last year. Chump change, Fleming said!
“That’s before you pay 500 employees, you pay rent, you pay equipment and food,” he said. “The actual net income of that was only a mere fraction of that amount.”
So how much are we talking about? Just a few-hundred thousand, give or take.
“The amount that I have to reinvest in my business and feed my family is more like $600,000 of that $6.3 million,” Fleming said. “So by the time I feed my family I have maybe $400,000 left over to invest in new locations, upgrade my locations…”
The remainder — $200k — sure would buy a lot of Subway sandwiches.
Fleming’s office did not immediately return TPM’s request for further comment.
Watch the video:
Visit msnbc.com for breaking news, world news, and news about the economy
h/t Think Progress
David Taintor
David Taintor is TPM’s News Editor. He contributes to TPM’s Livewire coverage, among other areas. David is from Chanhassen, Minnesota, where, yes, it gets very cold. Reach him at taintor [at] talkingpointsmemo.com
Disqus Conversations
Click here to read the Disqus Commenting FAQ.