Tuesday, September 20, 2011

Gunloon, NRA/GOA Member John Flemming (R-LA) Cannot Live On $400K Annually



Ahem.

These are the kind of folks the NRA buys in Congress.  Basically--liars and charlatans.

Here's a guy who claims that he grosses $6.3M a year and employs some 500 people (Flemming owns a bunch of Subway shops and UPS outlets).  He is a Job Creator, he says.  He claims he only takes home $400K after "feeding his family."

Nevermind he isn't counting his Congressional salary and the pretty neat perks like healthcare and retirement from that job.  He also omits that his children are all adults and, presumably, on their own.

This means he's paying his employees an average of $11,800 a year.  That's with no healthcare, no retirement, no perks other than the $5 footlong.

I'm no accountant but Flemming is either lying or he's an idiot.  Here's why: Flemming is basically claiming his salary is $600K after he gets done paying his workers, rents, taxes, business expenses, etc.  And that he then plows 2/3 of this salary back into the business.  It's not true.  First, Congressional disclosure forms show Flemming's annual income to be between $5-10M.  That's his salary.  Second, he isn't putting his own money towards new business--he's using his corporation's money.  This produces a far greater tax benefit as well as limiting his own liability.  Third, Flemming omits the fact that each of his Subway and UPS shops is an asset that is likely appreciating.  IOW, one of the Subway shops he bought years ago for $400K is probably worth millions today.

6 comments:

  1. Lying fuckbags be lying fuckbags.

    It's not that I begrudge anyone the opportunity to make all of the money they can, without resorting to illegality.

    But based on your back of the envelope math what Flemming is "creating" is not jobs but a community liability in the form of a population of 500 people that do not have adequate (or any) healthcare insurance. $11,200 a year would net out, depending on the state in question to something less than 10K take home, about $200/wk. I defy anyone to show me that such an amount constitutes a livable wage.

    In addition to the fact that those persons being paid next to nothing--so they don't got no insurance--they also, likely, get some public assistance.

    Oh, wait, maybe I've got it all wrong. I'll bet all his employees are bright-eyed, bushy-tailed young KKKristians who happily slap together subs and tithe 10% of their gross income to some church or other.

    Nah, he's lying fuckbag.

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  2. Wow, I thought for sure that FatWhiteMan would be here defending this scumbag's right to use the "Invisible Hand" to pickpocket the gummint!

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  3. Republican from Louisiana, 'nuff said.

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  4. Gosh, it seems like just the other day I was wondering why the gunzloonz don't bother to comment on any posts that aren't related to their love things that are designed primarily to kill people. Oh, wait, it WAS just the other day!

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  5. I heard this story in a much less sympathetic vein--He said that he had only $4-600k left over to feed his family.

    It's hard to feel too sympathetic when there are starving and homeless people.

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  6. Pinnochio Flemming's disclosure form from 2010 is here:

    http://pfds.opensecrets.org/N00029679_2010.pdf

    according to the form his income from the restaurants alone is in excess of $5M, he also has income from numerous other sources.

    Since the top marginal tax rate is well below 50% at this time, he's taking home a metric shitton more than $600K. I'm gonna have to take a flyer and put him in the LSOS* column.

    Again, I am somewhat surprised to not find FatWhiteMan or someone else from the "We luvz things that are designed, primarily, to kill people" club defending this hard working MurKKKin!


    * Lying Sack Of Shit.
    S

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