Tuesday, September 20, 2011
Gunloon, NRA/GOA Member John Flemming (R-LA) Cannot Live On $400K Annually
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.