So President Obama today made a proposal to raise necessary revenue through tax hikes. Not for the middle class, but for millionaires. Well today, one of these millionaires expressed his disgust with the president’s plan, saying that after he pays all his bills and reinvests in his business, he wouldn’t be able to support his family on the balance; $400,000.00
This poor millionaire, who simply cannot afford to pay the same rate middle class Americans are paying right now, just happens to be a Republican congressman, Rep John Fleming (LA). Today on MSNBC, Mr. Fleming had this to say;
“In my own case, I own LLCs. 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.”
Chris Jansing, the MSNBC host pointed out to the poor millionaire that according to the Wall Street Journal, “your businesses, which I believe are Subway Sandwich shops and UPS stores — very successful — brought you last year, over $6 million.”
But Mr. Fleming was having none of it, and explained to the MSNBC host just how poor he is, and how devastating it would be if he is asked to pay the same rate working Americans pay.
“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.”
I don’t know how you small people do it. Working all those hours, paying all those taxes and still eking out a living on a helluva lot less than $400,000.00
You middle class Americans are just insane!!!