Tea party Rep.: Only $400,000 left after ‘I feed my family’

[thoughtone]

source: Raw Story


Tea party Rep. John Fleming (R-LA) used himself as an example Monday while arguing against President Barack Obama’s plan to make sure millionaires pay about the same tax rate as the people that work for them.

“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.

“Again, class warfares never created a job,” Fleming replied. “That’s people that will not get jobs. This is all about creating jobs. It’s not about attacking people who make certain incomes. You know, in this country, most people feel that being successful in their businesses is a virtue, not a vice. And once we begin to identify it as a vice, this country is going down.”

It wasn’t clear if the numbers cited by Fleming included his $174,000 congressional salary.

Watch this video from MSNBC’s Jansing & Company, broadcast Sept. 19, 2011.

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Watch this video on iPhone/iPad

 

[jeanzy5342]

Only 400k, ??? Who can survive on that with maybe an additional 174k ?

Poverty or pure FUCKERY? You be the judge... Lol

 

[muckraker10021]

It's all about GREED peeps

Now the two Mother Fuckers you see above only pay a tax rate of 15%. Last year Mr. Paulson made $4,000,000,000 ($4 Billion) and Mr. Schwarzman made $400,000,000 ($400 Million).

When it was suggested to Schwarzman, head of the private equity firm Blackstone Group,that his 15% tax rate be raised to a rate comparable to his chauffeur 35% he said "raising the taxes on his hedge fund earnings from 15% to 35% is like Hitler invading Poland." Schwarzman's Blackstone Group has been a principal beneficiary of the Wall Street bailout including lucrative contracts with the Treasury Department to manage numerous new financial rescue programs. Paulson responded to the threat of higher taxes on his $4,000,000,000 ($4 Billion) by funneling millions of dollars to Boehner & Cantor.

In other words for these mother fuckers Schwarzman & Paulson it's all about them, greed is good - the virtue of selfishness is paramount. Fuck everyone else. Fuck the USA, 'I can get on my private jet and fly anywhere on earth'.




When does the greed stop??



<hr noshade color="#0000FF" size="8"></hr>

The Social Contract

September 22, 2011

by Paul Krugman

http://www.nytimes.com/2011/09/23/opinion/krugman-the-social-contract.html

This week President Obama said the obvious: that wealthy Americans, many of whom pay remarkably little in taxes, should bear part of the cost of reducing the long-run budget deficit. And Republicans like Representative Paul Ryan responded with shrieks of “class warfare.”

It was, of course, nothing of the sort. On the contrary, it’s people like Mr. Ryan, who want to exempt the very rich from bearing any of the burden of making our finances sustainable, who are waging class war.

As background, it helps to know what has been happening to incomes over the past three decades. Detailed estimates from the Congressional Budget Office — which only go up to 2005, but the basic picture surely hasn’t changed — show that between 1979 and 2005 the inflation-adjusted income of families in the middle of the income distribution rose 21 percent. That’s growth, but it’s slow, especially compared with the 100 percent rise in median income over a generation after World War II.

Meanwhile, over the same period, <SPAN STYLE="background-color:YELLOW"><b>the income of the very rich, the top 100th of 1 percent of the income distribution, rose by 480 percent. No, that isn’t a misprint. In 2005 dollars, the average annual income of that group rose from $4.2 million to $24.3 million.</b></span>

So do the wealthy look to you like the victims of class warfare?

To be fair, there is argument about the extent to which government policy was responsible for the spectacular disparity in income growth. What we know for sure, however, is that policy has consistently tilted to the advantage of the wealthy as opposed to the middle class.

Some of the most important aspects of that tilt involved such things as the sustained attack on organized labor and financial deregulation, which created huge fortunes even as it paved the way for economic disaster. For today, however, let’s focus just on taxes.

The budget office’s numbers show that the federal tax burden has fallen for all income classes, which itself runs counter to the rhetoric you hear from the usual suspects. But that burden has fallen much more, as a percentage of income, for the wealthy. Partly this reflects big cuts in top income tax rates, but, beyond that, there has been a major shift of taxation away from wealth and toward work: tax rates on corporate profits, capital gains and dividends have all fallen, while the payroll tax — the main tax paid by most workers — has gone up.

And one consequence of the shift of taxation away from wealth and toward work is the creation of many situations in which — just as Warren Buffett and Mr. Obama say — people with multimillion-dollar incomes, who typically derive much of that income from capital gains and other sources that face low taxes, end up paying a lower overall tax rate than middle-class workers. And we’re not talking about a few exceptional cases.

<SPAN STYLE="background-color:YELLOW"><b>According to new estimates by the nonpartisan Tax Policy Center, one-fourth of those with incomes of more than $1 million a year pay income and payroll tax of 12.6 percent of their income or less, putting their tax burden below that of many in the middle class.</b></span>

Now, I know how the right will respond to these facts: with misleading statistics and dubious moral claims.

On one side, we have the claim that the rising share of taxes paid by the rich shows that their burden is rising, not falling. To point out the obvious, the rich are paying more taxes because they’re much richer than they used to be. When middle-class incomes barely grow while the incomes of the wealthiest rise by a factor of six, how could the tax share of the rich not go up, even if their tax rate is falling?

On the other side, we have the claim that the rich have the right to keep their money — which misses the point that all of us live in and benefit from being part of a larger society.

Elizabeth Warren, the financial reformer who is now running for the United States Senate in Massachusetts, recently made some eloquent remarks to this effect that are, rightly, getting a lot of attention. “There is nobody in this country who got rich on his own. Nobody,” she declared, pointing out that the rich can only get rich thanks to the “social contract” that provides a decent, functioning society in which they can prosper.

Which brings us back to those cries of “class warfare.”

Republicans claim to be deeply worried by budget deficits. Indeed, Mr. Ryan has called the deficit an “existential threat” to America. Yet they are insisting that the wealthy — who presumably have as much of a stake as everyone else in the nation’s future — should not be called upon to play any role in warding off that existential threat.

Well, that amounts to a demand that a small number of very lucky people be exempted from the social contract that applies to everyone else. And that, in case you’re wondering, is what real class warfare looks like.


<hr noshade color="#0000FF" size="8"></hr>


Taxes (revenues) have to go up in order to close the huge budget deficit. You can't do it only with spending cuts. Look at federal reserve chart below, I've posted it before.

You will not see it on television. The only civilized way you can close the gap between the green and the red line is to raise income taxes on income above $400,000; raise capital gains taxes back to 25%; cut military spending 10% which is (all items accounted for) a bloated $1,200,000,000,000 ($1.2 Trillion)

READ:- The Figure No One Wants You to See

The RepubliKlan solution to closing the gap between the green and red lines (the deficit) is to cut Grandma's $1,100 monthly Social Security check down to $800. <SPAN STYLE="background-color:YELLOW">For 60% of seniors on Social Security it is MORE THAN HALF of their total monthly income....For 19% of seniors IT IS THEIR ONLY source of monthly income!!</span> READ:THIS

They also want to privatize Grandma's Medicare by giving her a coupon for $6,000 and sending her to Aetna or United Healthcare to buy a medical policy. How cruel and cynical. They want her TO DIE Quickly Fuck her, Mr. Paulson $4,000,000,000 ($4 Billion) and Mr. Schwarzman $400,000,000 ($400 Million) must not pay more taxes than 15%, they are "the job creators"

Civilization or Barbarism?

 

[jeanzy5342]

OMG.... excellent read Brutha....

How goddamn greedy can these bastards be. The sad thing is, these asswipes actually convince poor voters & people who earn LESS than a 100K to VOTE against their best interest and make them ( rich cats ) even more wealthy....

It reminds me of a scene in the movie " wall street money never sleeps " when the one cat asks the other cat " what's your number, the amount of money for you to just walk away and be happy the rest of your life" , and the guys response was "MORE".......

 

[QueEx]

Somebody must have sprayed some of that Anti-Poor-Folks-Arguing-Against-Equitable-Taxation-of-the-Rich spray in this thread.

Apparently, it works: No Gunner actinanass in this thread or other admittedly non-rich posters chomping at the bit to protest taxation of the super rich at some reasonable levels lining-up to press the reply button

 

[Ninja05]

Damn!!!

 

[jeanzy5342]

Somebody must have sprayed some of that Anti-Poor-Folks-Arguing-Against-Equitable-Taxation-of-the-Rich spray in this thread.

Apparently, it works: No Gunner actinanass in this thread or other admittedly non-rich posters chomping at the bit to protest taxation of the super rich at some reasonable levels lining-up to press the reply button

I agree with you, I am a little curious about their rebuttal..

How do you defend paying MORE taxes out of your pocket so Mitch McConnell can get a tax break for horses and JOHN BONER ( I know its misspelled) can get a tax break for him and his buddies private jets....... pure fuckery..... makes no sense man....

Sorry Bruta I just don't understand how someone " NOT IN THAT TAX BRACKET" can argue that these incredibly wealthy cats need MORE tax breaks. We have been living under the BUSH era TAX CUTS for Millionaires and Billionaires and look where the country is "AS A WHOLE". That shit ( trickle down effect) has not/does not work period. The "BUFFET RULE" needs to be applied ASAP.... These guys have NOT created jobs, only MOVED their business's with their new found monies across the pond...

 

[muckraker10021]

Only 400k, ??? Who can survive on that with maybe an additional 174k ?

Poverty or pure FUCKERY? You be the judge... Lol

Tea Bagger congressman John Fleming in the video that starts this thread is full of shit. He glibly spouts his talking point lies knowing that his questioner will either not have the facts at his or her fingertips to smack down his lies; and that the sound bite culture of todays ‘entertainment news’ will not facilitate enough time for his lies to be exposed.

What these ‘news shows?’ – should do, if they had a genuine interest in informing their viewers using facts — (they don’t) — they should the day after a televised interview, fact check what the guest said the previous day, and give the viewers a report on what was truth and what was lies.

What these ‘news shows?’ – should do, if they had a genuine interest in informing their viewers using facts — (they don’t) — they should the day after a televised interview, fact check what the guest said the previous day, and give the viewers a report on what was truth and what was lies.

Sad to say most Americans have-no-clue how the US taxation system works. Secondly in America “the-land-of-opportunity”— the ‘I’ve-suddenly-become-very-rich’ dream is propagated incessantly 24/7 in our pop-culture media. There is nothing wrong with this; it is something that is legendarily unique about American culture; but the nonstop glorification of becoming really rich and the orgiastic materialism associated with that wealth has rendered most Americans brain-dead about money & taxes.

Tommy Hilfiger told Forbes Magazine when discussing how mass media pop culture, including his advertisements has destroyed peoples understanding of acquiring big money; he said — ”Most young people I meet would rather own a ROLEX Watch than own a house”.

Contrast that sad reality with the German billionaire I saw on <s>FOX</s> FAKE News being asked why he “put up with” paying a top tax rate of 45% on personal income and 25% on capital gains? (US top personal rate is 35% and 15% on capital gains) The German billionaire said he had no problem paying those rates because I don’t want my country to look like Haiti or Burma, he said in Germany everyone has health care, everyone who gets the appropriate grades goes to university free, including medical school, he said no one is queuing for charity food from a food bank, no one is living under-a-bridge for housing, he said “I don’t want to live in a poor country”. He went on to say that the tax rates in Germany have not stopped him from doing any multi-million dollar deals; not one!!

Now let us deal with this bagger congressman Fleming whose entire wealth would be a rounding error in the German billionaire’s finances. First let us deal with his lie about his taxes. Gross revenue for his ‘Subway’ sandwich shops & his ‘UPS stores’ is $6.3 million dollars. His net is $600,000, and he’s spending $200,000 “to feed his family” so he only has $400,000 left.

Look at the chart above. It is the 2010 Federal Income Tax Brackets and Marginal Brackets. What the numbers and brackets means is that you pay personal taxes at the rates in the brackets. For example if your Taxable Income (income after all deductions) is $150,000 filing married, here is how you are taxed.

• 10% on first $16,750 of income ($1,675)
• 15% on income from $16,750 – $68,000 ($7,687)
• 25% on income from $68,000 – $137,300 ($17,325)
• 28% on income from $137,300– $150,000 ($3,556)

You paid total federal tax of $30,243 on your $150,000

One of the more common misconceptions is that if you earn more money, then all of the income is taxed at the higher rate. In fact that is the misconception bagger Fleming is deliberately trying to convey to low information voters. Obama wants to raise the 35% bracket back to 39.6%, which is where it was under Clinton. Since bagger Fleming passes through his LLC business income onto his personal tax return he would be subject to the tax table you see in the chart above.

How much more in taxes would bagger Fleming pay if the top bracket went up to 39.6%. He says his net was $600,000. Remember you pay the tax rate of the marginal income bracket so that means that any income over $373,650 would now be taxed at 39.6% instead of 35%. Subtract $373,650 from $600,000. The answer is $226,350. Currently bagger Fleming is paying 35% tax on $226,350 which is the portion of his income in that bracket. He is currently paying $79,222. At a 39.6% rate on $226,350, Fleming would pay $89,634. That is a fucking difference of a whopping $10,412.

$10,412 is what this tea bagger is bitching about. Now let us address his GREED.

Louisiana is one of the poorest states in America. The median household income for 2010 was $41,896. Go check it out and check out your State HERE

Fleming complains about only having $400,000 left after he feeds his family with $200,000. The sad and ironic truth is that the dumb poor white folks who voted for him are so low information that they would read this post and still not understand how they are voting against their own interest. They all think they are one lucky day away from becoming Fleming $$$$$$$$$$.

 

[Ninja05]

Tea Bagger congressman John Fleming in the video that starts this thread is full of shit. He glibly spouts his talking point lies knowing that his questioner will either not have the facts at his or her fingertips to smack down his lies; and that the sound bite culture of todays ‘entertainment news’ will not facilitate enough time for his lies to be exposed.

What these ‘news shows?’ – should do, if they had a genuine interest in informing their viewers using facts — (they don’t) — they should the day after a televised interview, fact check what the guest said the previous day, and give the viewers a report on what was truth and what was lies.

What these ‘news shows?’ – should do, if they had a genuine interest in informing their viewers using facts — (they don’t) — they should the day after a televised interview, fact check what the guest said the previous day, and give the viewers a report on what was truth and what was lies.

Sad to say most Americans have-no-clue how the US taxation system works. Secondly in America “the-land-of-opportunity”— the ‘I’ve-suddenly-become-very-rich’ dream is propagated incessantly 24/7 in our pop-culture media. There is nothing wrong with this; it is something that is legendarily unique about American culture; but the nonstop glorification of becoming really rich and the orgiastic materialism associated with that wealth has rendered most Americans brain-dead about money & taxes.

Tommy Hilfiger told Forbes Magazine when discussing how mass media pop culture, including his advertisements has destroyed peoples understanding of acquiring big money; he said — ”Most young people I meet would rather own a ROLEX Watch than own a house”.

Contrast that sad reality with the German billionaire I saw on <s>FOX</s> FAKE News being asked why he “put up with” paying a top tax rate of 45% on personal income and 25% on capital gains? (US top personal rate is 35% and 15% on capital gains) The German billionaire said he had no problem paying those rates because I don’t want my country to look like Haiti or Burma, he said in Germany everyone has health care, everyone who gets the appropriate grades goes to university free, including medical school, he said no one is queuing for charity food from a food bank, no one is living under-a-bridge for housing, he said “I don’t want to live in a poor country”. He went on to say that the tax rates in Germany have not stopped him from doing any multi-million dollar deals; not one!!

Now let us deal with this bagger congressman Fleming whose entire wealth would be a rounding error in the German billionaire’s finances. First let us deal with his lie about his taxes. Gross revenue for his ‘Subway’ sandwich shops & his ‘UPS stores’ is $6.3 million dollars. His net is $600,000, and he’s spending $200,000 “to feed his family” so he only has $400,000 left.

Look at the chart above. It is the 2010 Federal Income Tax Brackets and Marginal Brackets. What the numbers and brackets means is that you pay personal taxes at the rates in the brackets. For example if your Taxable Income (income after all deductions) is $150,000 filing married, here is how you are taxed.

• 10% on first $16,750 of income ($1,675)
• 15% on income from $16,750 – $68,000 ($7,687)
• 25% on income from $68,000 – $137,300 ($17,325)
• 28% on income from $137,300– $150,000 ($3,556)

You paid total federal tax of $30,243 on your $150,000

One of the more common misconceptions is that if you earn more money, then all of the income is taxed at the higher rate. In fact that is the misconception bagger Fleming is deliberately trying to convey to low information voters. Obama wants to raise the 35% bracket back to 39.6%, which is where it was under Clinton. Since bagger Fleming passes through his LLC business income onto his personal tax return he would be subject to the tax table you see in the chart above.

How much more in taxes would bagger Fleming pay if the top bracket went up to 39.6%. He says his net was $600,000. Remember you pay the tax rate of the marginal income bracket so that means that any income over $373,650 would now be taxed at 39.6% instead of 35%. Subtract $373,650 from $600,000. The answer is $226,350. Currently bagger Fleming is paying 35% tax on $226,350 which is the portion of his income in that bracket. He is currently paying $79,222. At a 39.6% rate on $226,350, Fleming would pay $89,634. That is a fucking difference of a whopping $10,412.

$10,412 is what this tea bagger is bitching about. Now let us address his GREED.

Louisiana is one of the poorest states in America. The median household income for 2010 was $41,896. Go check it out and check out your State HERE

Fleming complains about only having $400,000 left after he feeds his family with $200,000. The sad and ironic truth is that the dumb poor white folks who voted for him are so low information that they would read this post and still not understand how they are voting against their own interest. They all think they are one lucky day away from becoming Fleming $$$$$$$$$$.

This is why I pay that damn $10 fee. BGOL never fails to provide good information, hoes and otherwise.

Appreciate the drop

 

[jeanzy5342]

Fleming complains about only having $400,000 left after he feeds his family with $200,000. The sad and ironic truth is that the dumb poor white folks who voted for him are so low information that they would read this post and still not understand how they are voting against their own interest
. They all think they are one lucky day away from becoming Fleming $$$$$$$$$$.
[/size][/color][/QUOTE]

This is the PURE truth Brutha...... Its just SAD that the media does NOTHING to put the TRUTH out there so WE as a country can make an informed decision BEFORE we VOTE.

Its like the BULLSHIT in congress right NOW. We cant balance the budget and lower the deficit by; CUTTING EVERY PROGRAM IN THE COUNTRY THAT HELPS the POOR.... The media KNOWS damn well that its absolute horse shit, but no one is willing to tell the truth about it.

 

[QueEx]

source: Raw Story




“. . . 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.

Meanwhile,

Report: Post-recession income falls



Income for American families declined more in the years following the economic recession than it did during the official recession itself, a new study shows.

During the recession, which economists say lasted from Dec. 2007 to June 2009, the median annual household income fell by 3.2 percent, from $55,309 to $53,518, according to a report authored by two former U.S. Census Bureau officials. But in the post-recession period from June 2009 to June 2011, the figure fell by 6.7 percent, from $53,518 in June 2009 to $49,909 in June 2011.


From Dec. 2007 to June 2011, the average income fell by 9.8 percent.

“A decline of this magnitude represents a significant reduction in the American standard of living,” Gordon Green and John Coder wrote.

FULL STORY


​

 

[QueEx]

Somebody must have sprayed some of that Anti-Poor-Folks-Arguing-Against-Equitable-Taxation-of-the-Rich spray in this thread.

Apparently, it works: No Gunner actinanass in this thread or other admittedly non-rich posters chomping at the bit to protest taxation of the super rich at some reasonable levels lining-up to press the reply button

 

[nittie]

This is why I pay that damn $10 fee. BGOL never fails to provide good information, hoes and otherwise.

Appreciate the drop

If a guys makes 6 million dollars and only has 400k left after expenses and taxes can anyone blame him for being pissed. The amount of time and money that goes into running LLC's is bad enough then you have the govt taking theirs it's no wonder we are in a recession. How is this board charging $10 lol acceptable but this guy is wrong for being mad.

 

[Upgrade Dave]

If a guys makes 6 million dollars and only has 400k left after expenses and taxes can anyone blame him for being pissed. The amount of time and money that goes into running LLC's is bad enough then you have the govt taking theirs it's no wonder we are in a recession. How is this board charging $10 lol acceptable but this guy is wrong for being mad.

What exactly are his "expenses"? I noticed how he counted reinvesting in his businesses twice in his comment.
His businesses made 6 million dollars, he didn't. He made 400k.

In the current economic climate with so many people out of work and him being a representative of many of those people, yes I blame him for being pissed and blame him even more for voicing that bullshit in a public forum instead of thanking his God (if he's a man of faith) and considering himself fortunate.

 

[nittie]

What exactly are his "expenses"? I noticed how he counted reinvesting in his businesses twice in his comment.
His businesses made 6 million dollars, he didn't. He made 400k.

In the current economic climate with so many people out of work and him being a representative of many of those people, yes I blame him for being pissed and blame him even more for voicing that bullshit in a public forum instead of thanking his God (if he's a man of faith) and considering himself fortunate.

It is not his fault people are out of work in fact he creates jobs. If the people he represents follow his example they would create jobs too then so many people wouldn't be out of work. It's people like him that are hurt by taxes and big govt and that in turn hurts the people working for him he should use public forums to make that clear.

 

[QueEx]

If a guys makes 6 million dollars and only has 400k left after expenses and taxes can anyone blame him for being pissed. The amount of time and money that goes into running LLC's is bad enough then you have the govt taking theirs it's no wonder we are in a recession. How is this board charging $10 lol acceptable but this guy is wrong for being mad.

Who said he MADE 6 million ??? You?

Maybe I missed it, but I didn't see where his company had 6 million in EARNINGS. From the information given, one can only assume that the company had 6 million in GROSS REVENUE (which is revenue before costs, i,e., materials, labor, etc., are factored out). As a businessman you should know that "gross revenue" is not earnings or, as you put it, money made.

They guy said he made $600,000. He may have a reason to be pissed, but it could be his own management practices that is the source of the wetness running down his leg or someone other source or practice.

It is not his fault people are out of work in fact he creates jobs. If the people he represents follow his example they would create jobs too then so many people wouldn't be out of work. It's people like him that are hurt by taxes and big govt and that in turn hurts the people working for him he should use public forums to make that clear.

From the "facts" given in this thread, could you please list: HOW you contend he has been hurt and THE REASON(S) you contend he has been hurt.

`

 

[muckraker10021]

Nitte I'm going to let some one else who is either currently running a retail business or a national franchise "go deep into you". You clearly have little understanding of how business works. I do, as a former Wall Street guy, who worked at many firms including Goldman and acquired all the requisite letters; MBA, CFP, CFA. Next time you go food shopping at a national chain supermarket, realize that the profit margin of that store is 1% to 3.5%. They make their money on volume and ancillary services like check cashing & money orders, flowers, etc. Very few businesses have the profit margin of a APPLE computer- 40% - 56%, very few. Teabagger fleming is running franchisees- UPS Store & Subway sandwich shops. He gets to write off (depreciate) just about everything. His computers, his cars, vans, gasoline, internet fees, telephones, etc. etc. Any interest on any loans he might have unlike you (except mortgage interest) he can deduct the interest expense from his taxes. . The tax code favors corporations and LLC's. Don't be fooled by what he reports as his "income". Believe me the car he is driving or leasing is paid for by his LLC's. His wife's car too. Uncle Sam (that's you the taxpayer nitte) are paying 50% of teabagger flemings steak dinner bills. You are paying a percentage of his New Orleans Saints season tickets bill. $6.3 Million in sales, $600,000 net after depreciation and all the other stuff I briefly talked about. Mr. Fleming is doing fine. Do the research. You have an internet connection. What is the typical profit margin for a UPS store or a Subway sandwich shop. Learn something about business and the tax code.

 

[nittie]

Who said he MADE 6 million ??? You?

Maybe I missed it, but I didn't see where his company had 6 million in EARNINGS. From the information given, one can only assume that the company had 6 million in GROSS REVENUE (which is revenue before costs, i,e., materials, labor, etc., are factored out). As a businessman you should know that "gross revenue" is not earnings or, as you put it, money made.

They guy said he made $600,000. He may have a reason to be pissed, but it could be his own management practices that is the source of the wetness running down his leg or someone other source or practice.





From the "facts" given in this thread, could you please list: HOW you contend he has been hurt and THE REASON(S) you contend he has been hurt.

`

List and give reasons lol...who me?...it ain't gon happen but the point is when a business grosses 6 million and the owner nets 600k it is a stressful, penny-counting life-style especially when you have a family to feed. I could see if he had a JOB paying $600,000 a year and all he had to do is show up and work 8-10 hrs then maybe he should be grateful. When you got to get out there and make it happen day in and day out or people lose jobs and your family don't eat its a different ballgame.

 

[Upgrade Dave]

List and give reasons lol...who me?...it ain't gon happen but the point is when a business grosses 6 million and the owner nets 600k it is a stressful, penny-counting life-style especially when you have a family to feed. I could see if he had a JOB paying $600,000 a year and all he had to do is show up and work 8-10 hrs then maybe he should be grateful. When you got to get out there and make it happen day in and day out or people lose jobs and your family don't eat its a different ballgame.

What?! Fleming is a sitting member of Congress, so I doubt he's gettign out anywhere and making anything happen day in and day out. He pays people for that.
My criticism, skipping over your insanity for the moment, is his tone-deafness at crying over 400k in such an economic climate.
What job you know pays 600k and you only work 8-10 hrs?

 

[nittie]

Nitte I'm going to let some one else who is either currently running a retail business or a national franchise "go deep into you". You clearly have little understanding of how business works. I do, as a former Wall Street guy, who worked at many firms including Goldman and acquired all the requisite letters; MBA, CFP, CFA. Next time you go food shopping at a national chain supermarket, realize that the profit margin of that store is 1% to 3.5%. They make their money on volume and ancillary services like check cashing & money orders, flowers, etc. Very few businesses have the profit margin of a APPLE computer- 40% - 56%, very few. Teabagger fleming is running franchisees- UPS Store & Subway sandwich shops. He gets to write off (depreciate) just about everything. His computers, his cars, vans, gasoline, internet fees, telephones, etc. etc. Any interest on any loans he might have unlike you (except mortgage interest) he can deduct the interest expense from his taxes. . The tax code favors corporations and LLC's. Don't be fooled by what he reports as his "income". Believe me the car he is driving or leasing is paid for by his LLC's. His wife's car too. Uncle Sam (that's you the taxpayer nitte) are paying 50% of teabagger flemings steak dinner bills. You are paying a percentage of his New Orleans Saints season tickets bill. $6.3 Million in sales, $600,000 net after depreciation and all the other stuff I briefly talked about. Mr. Fleming is doing fine. Do the research. You have an internet connection. What is the typical profit margin for a UPS store or a Subway sandwich shop. Learn something about business and the tax code.

Thanks for the sympathy I appreciate it and while I don't believe you ever worked on Wall Street I understand why you would identify with people who do it is a glamorous lifestyle. Like I said 400 or 600k is relative, to some it is not a lot of money if you have employees and a family to feed I don't see why anyone would get upset with the congressman for making that point.

 

[nittie]

What?! Fleming is a sitting member of Congress, so I doubt he's gettign out anywhere and making anything happen day in and day out. He pays people for that.
My criticism, skipping over your insanity for the moment, is his tone-deafness at crying over 400k in such an economic climate.
What job you know pays 600k and you only work 8-10 hrs?

Fleming is doing ok but he ain't making Buffet or Gates money. You don't buy a G5 or even a Bentley on 600k. You save, invest, plan it is not that much money for a small businessman with a family. The last thing he needs is more taxes or govt regulation. Now if we are talking about regulating industries and certain professions maybe that would work. Small business, not Fleming should be left alone.

 

[QueEx]

List and give reasons lol...who me?...it ain't gon happen but the point is when a business grosses 6 million and the owner nets 600k it is a stressful, penny-counting life-style especially when you have a family to feed. I could see if he had a JOB paying $600,000 a year and all he had to do is show up and work 8-10 hrs then maybe he should be grateful. When you got to get out there and make it happen day in and day out or people lose jobs and your family don't eat its a different ballgame.

Oh, I never expected you to respond at least coherently . . .

 

[nittie]

Oh, I never expected you to respond at least coherently . . .

I don't have the time to list and explain on this board lol I don't get paid to post here but what is being exhibited in some of these post is envy and resentment and those emotions will keep you broke.

 

[Upgrade Dave]

Thanks for the sympathy I appreciate it and while I don't believe you ever worked on Wall Street I understand why you would identify with people who do it is a glamorous lifestyle. Like I said 400 or 600k is relative, to some it is not a lot of money if you have employees and a family to feed I don't see why anyone would get upset with the congressman for making that point.

400k, 600k is relative but he doesn't live in NYC, he lives in Louisiana, probably rural Louisiana, he's living like a king.
He doesn't pay his employees out of that 400k, you just aren't reading for some reason, that's what he takes home AFTER he pays his expenses. Do you know how big a family you would have to have to be scraping by on 400k in Louisiana? C'mon man, you're not even trying hard.

Oh, I never expected you to respond at least coherently . . .

Now he has to respond intelligently.

I don't have the time to list and explain on this board lol I don't get paid to post here but what is being exhibited in some of these post is envy and resentment and those emotions will keep you broke.

It's not resentment or envy, stop projecting. We want him to not play "the victim" card when he makes a half million dollars a year (not including his Congressional pay) when he represents one of the poorest states in the Union.

 

[muckraker10021]

Believe what you want to believe but 2 plus 2 will always equal 4, whether it's grade school math or a quadratic equation. $400,000 and up puts a US taxpayer in the top 1%. Unlike teabagger fleming most top 1% receive their money from capital gains and pay a 15% federal tax rate or less. I deciphered teabagger flemings taxes above. It is basic math. Furthermore I explained how he is completely full of shit because of the depreciation and deductions that his LLC's enjoy. If you want to carry water for teabagger fleming then you are not part of "the realty based community" you are just as confused as the poor whites who voted for him even as he proposes cutting their grandmas Medicare & Social Security so that he won't have to pay an additional $10,000 in federal taxes. Cognitive Dissonance can be cured - unfortunately by the time sufferers of this malady wake up - their throats have already been slit. The Jews who refused to recognize what Hitler represented in the 1930's and remained in Germany, unlike Albert Einstein and others who immediately understood what Hitler meant and left Germany -those Jews woke up too late as they were packed into cattle cars and sent to their gruesome deaths. We are at a tipping point in the US right now. Are we going to be a Democratic Constitutional Republic or are we going to be a Corporatist State (FASCISM).

 

[Upgrade Dave]

Fleming is doing ok but he ain't making Buffet or Gates money. You don't buy a G5 or even a Bentley on 600k. You save, invest, plan it is not that much money for a small businessman with a family. The last thing he needs is more taxes or govt regulation. Now if we are talking about regulating industries and certain professions maybe that would work. Small business, not Fleming should be left alone.

He doesn't have to be Buffet or Gates to be living very comfortably.
And stop calling him a "small businessman", it abuses the term. He owns several small businesses that gross millions of dollars. The guy who owns the comic shop I frequent, with his 9 employess, is a small businessman.

 

[nittie]

400k, 600k is relative but he doesn't live in NYC, he lives in Louisiana, probably rural Louisiana, he's living like a king.
He doesn't pay his employees out of that 400k, you just aren't reading for some reason, that's what he takes home AFTER he pays his expenses. Do you know how big a family you would have to have to be scraping by on 400k in Louisiana? C'mon man, you're not even trying hard.



Now he has to respond intelligently.



It's not resentment or envy, stop projecting. We want him to not play "the victim" card when he makes a half million dollars a year (not including his Congressional pay) when he represents one of the poorest states in the Union.

I live in the South my state might be poorer than La, I'm ok financially for now anyway so I know what half a million will do in this region and it is not as much as you might think. Like I said if he had a job paying that kind of money it would be different but when you earn it running a business in this economy it is a struggle.

 

[nittie]

He doesn't have to be Buffet or Gates to be living very comfortably.
And stop calling him a "small businessman", it abuses the term. He owns several small businesses that gross millions of dollars. The guy who owns the comic shop I frequent, with his 9 employess, is a small businessman.

Thats the situation in a nutshell both are small businesspeople even though one grosses millions. The comic shop owner has the same concerns as the congressman they are in the same boat. If you were comparing them to a Fortune 500 CEO it would be different.

 

[Upgrade Dave]

I live in the South my state might be poorer than La, I'm ok financially for now anyway so I know what half a million will do in this region and it is not as much as you might think. Like I said if he had a job paying that kind of money it would be different but when you earn it running a business in this economy it is a struggle.

Now you're just arguing a point to be arguing it. I live in NC, a state generally doing better than La, and I live in Charlotte, which is still an up and coming city despite taking some major lumps in the recession and 400k would go quite far here. So if you live in one of the states that might be considered lower than La. and 400-600k isn't that much (not to mention that extra 174k he receives as a Congressman), you would have to have some of the worst spending habits in the country.

 

[Upgrade Dave]

Thats the situation in a nutshell both are small businesspeople even though one grosses millions. The comic shop owner has the same concerns as the congressman they are in the same boat. If you were comparing them to a Fortune 500 CEO it would be different.

They are not in the same boat. That takes an entire reshaping of reality to say that. Once you're grossing millions, you are not a small business man except possibly in the most technical of ways.

 

[nittie]

They are not in the same boat. That takes an entire reshaping of reality to say that. Once you're grossing millions, you are not a small business man except possibly in the most technical of ways.

What is SBA's definition of a small business concern?
SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
• Manufacturing: Maximum number of employees may range from 500 to 1500, depending on the type of product manufactured;
• Wholesaling: Maximum number of employees may range from 100 to 500 depending on the particular product being provided;
• Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided;
• Retailing: Annual receipts may not exceed $5.0 to $21.0 million, depending on the particular product being provided;
• General and Heavy Construction: General construction annual receipts may not exceed $13.5 to $17 million, depending on the type of construction;
• Special Trade Construction: Annual receipts may not exceed $7 million; and
• Agriculture: Annual receipts may not exceed $0.5 to $9.0 million, depending on the agricultural product.

You knew this didn't you lol...you were just being contrarian weren't you.

 

[Upgrade Dave]

You knew this didn't you lol...you were just being contrarian weren't you.

I did. You must have missed the "only in the most technical of ways" part.

 

[muckraker10021]

He doesn't have to be Buffet or Gates to be living very comfortably.
And stop calling him a "small businessman", it abuses the term......

Upgrade Dave, some people just don't want to know the truth, they prefer to remain ignorant "ditto heads".

[FLASH]http://www.youtube.com/v/H_an_w4OFPI?fs=1&amp;hl=en_GB[/FLASH]

[FLASH]http://www.youtube.com/v/cmsj3QujN_Q?fs=1&amp;hl=en_GB[/FLASH]

 

[nittie]

I did. You must have missed the "only in the most technical of ways" part.

Technically is the only way to define it can't get into abstracts.

 

[Upgrade Dave]

Technically is the only way to define it can't get into abstracts.

Okay. Technically, Fleming is one of the 1% in one of the poorer states, so his whining is unjustified, unseemly, and unmanly.