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:
h/t Think Progress