Tea party Rep. John Fleming (R-LA) used himself as an example while arguing against President Obama’s plan to make sure millionaires pay about the same tax rate as the people that work for them. He earns 6 million a year, but whined that he only has $400,000 left “after I feed my family.”
“In my own case, I own LLCs,” Fleming told MSNBC’s Chris Jansing. “The income flows to my personal tax return and whatever is left over after taxes are paid, I feed my family on the one hand and on the other hand, I reinvest in my business.”
“With all due respect, The Wall Street Journal estimated that your businesses, which I believe are Subway sandwich shops and UPS stores — very successful — brought you last year, over $6 million,” Jansing noted.
“Yeah, that’s before you pay 500 employees, you pay rent, you pay equipment and food,” Fleming agreed. “Since my net income — and again, that’s the individual rate that I told you about — the amount that I have to reinvest in my business and feed my family is more like $600,000 of that $6.3 million. And so by the time I feed my family, I have maybe $400,000 left over to invest in new locations, upgrade my locations, buy more equipment.”
“You do understand, Congressman, the average person out there making 40, 50, $60,000 a year, when they hear that you have $400,000 left over, it’s not exactly a sympathetic position?” Jansing asked.