Business owner and Republican congressman John Fleming appeared on MSNBC Monday to explain why raising his own personal income tax -- a measure encouraged by President Obama -- would prove detrimental to his businesses and prevent him from continuing to create jobs.
Fleming, who warned his MSNBC host that "class warfare has never created a job," clarified that while he might be better off financially than most, only a small fraction of his $6.3 million in earnings is left over after covering expenses and reinvesting in his businesses.
Fleming, who owns several Subway and UPS franchises, stated that additional taxes on net earnings would amount to "money taken out of capital for reinvestment for creating more jobs. ... So the more you tap that down, the less jobs that are gonna be created."
"I would say that since my net income ... the amount that I have to reinvest to 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, you know, maybe $400,000 left over to invest in new locations, upgrade my locations, buy new equipment, all of that," Fleming stated.
Meanwhile, MSNBC's Chris Jansing seemed less than understanding, and pressed that average Americans would not be sympathetic to Fleming's position.
Watch the congressman explain why being successful in business is a virtue, not a vice:
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