Republican congressman bemoans making $600k per year

[Johnny_Ray_Wilson]

they get overtime after the 9th inning

Football works the same way. So do politicians.

 

[islandman]

Nope, you're wrong. Capital gains rates were slashed. That's a tax break for the rich.

Sure middle-class folks have a little bit of capital gains that they cash in on when they retire. But nothing like the wealthy who use capital gains as supplemental or even their primary income. And the poor essentially can't access capital gains at all.

Therefore the temporary bush tax cuts were heavily tilted toward the rich.

You've gone from 'The rich were given a TEMPORARY tax cut' to 'the temporary bush tax cuts were heavily tilted toward the rich' in consecutive posts.

In which direction you'll move the goalposts next?

 

[JohnnySavage]

I konw...


lets talk abot.

Obama;s nseekers!

 

[islandman]

I konw...


lets talk abot.

Obama;s nseekers!

I think Nipples started a thread last week about Obama's sandals. You should search for it.

 

[JohnnySavage]

I think Nipples started a thread last week about Obama's sandals. You should search for it.

But did you see how I tied BBs ranting about Michele's shoes, with his Palin shoes angst?

You did see what I did there, didn't you?

 

[islandman]

But did you see how I tied BBs ranting about Michele's shoes, with his Palin shoes angst?

You did see what I did there, didn't you?

Sorry, no. I've had him on iggy for some time now.

But I'm sure you acquitted yourself beautifully.

*pats your head*

 

[JohnnySavage]

Sorry, no. I've had him on iggy for some time now.

But I'm sure you acquitted yourself beautifully.

*pats your head*

That's disappointing. I even inserted misspellings for authenticity. I also tried to sell him my Inktomi stock earlier today.

 

[islandman]

There's a name I haven't heard in a couple of business cycles.

 

[JohnnySavage]

There's a name I haven't heard in a couple of business cycles.

My second biggest loss. I have the certificate framed in my office.

 

[islandman]

My second biggest loss. I have the certificate framed in my office.

Not for the same reason, but my favourite was a certificate to the Cleveland Indians (Class B/C?; circa 1999). It got trashed along with all of my other framed stuff in this last move.

Still a little heartbroken.

 

[KRCummings]

I'm pretty sure if you have an offshore bank account with more than 10K in it including interest, you have to declare it.

That would defeat the purpose of having the account to begin with. American banks are better but you can't hide anything in them so if you're legal then offshore doesn't really make much sense. Now if you've got some money you can't account for and/or you don't want the IRS to get their share then offshore is the way to go. Not that I would know or anything. That would be wrong.

 

[KRCummings]

Not for the same reason, but my favourite was a certificate to the Cleveland Indians (Class B/C?; circa 1999). It got trashed along with all of my other framed stuff in this last move.

Still a little heartbroken.

I didn't know the Indians were publicly traded. Neat.
I have some common Kraft stock but it doesn't include the Pats. I still haven't decided if that's good or bad.

 

[Spacefender]

Dude is bitching about only taking in hundreds of thousands of dollars in PERSONAL income after business expenses, reinvestment, and his budget for buying new businesses are accounted for.

Yet you somehow missed the part wherin he said that AFTER he's reinvested in his business, feed and satisfied his family.. he still has 400 Grand of play money

Yet-

"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."

Huh, looks like he takes 2/3 of that profit and plows it back into his business. Seems as if merc and bbs are full of shit. But that shouldn't surprise anyone.

Screw it though. Let's tax all the rich fuckers 100%. I know that would make my life way better. I won't see one fucking cent of it but just knowing that all those rich bastards are fucking poor just like me will make me feel much better about myself.

 

[KRCummings]

So did Mercury14 ever show us the tax code that says he doesn't have to pay income tax? He didn't? No way! Why, one might think that it doesn't exist and he's full of shit. I sure hope that isn't the case.

 

[mercury14]

So did Mercury14 ever show us the tax code that says he doesn't have to pay income tax? He didn't? No way! Why, one might think that it doesn't exist and he's full of shit. I sure hope that isn't the case.

It has something to do with our host country claiming US contractors' income as taxable income in their nation, then not acting to tax us at this time. I don't do my own taxes so I don't have the exact forms in front of me, nor am I familiar with the exact law. I have a tax guy and he says we're all good so I'm going with that.

 

[KRCummings]

It has something to do with our host country claiming US contractors' income as taxable income in their nation, then not acting to tax us at this time. I don't do my own taxes so I don't have the exact forms in front of me, nor am I familiar with the exact law. I have a tax guy and he says we're all good so I'm going with that.

Huh, earlier you said you had posted it in a previous thread. Interesting.
Also interesting that even though the IRS and any number of tax sites have all the tax laws and forms online nobody is able to come up with anything that backs you up. But hey, you just go with the whole "tax guy" thing.

 

[mercury14]

Huh, looks like he takes 2/3 of that profit and plows it back into his business. Seems as if merc and bbs are full of shit. But that shouldn't surprise anyone.

Screw it though. Let's tax all the rich fuckers 100%. I know that would make my life way better. I won't see one fucking cent of it but just knowing that all those rich bastards are fucking poor just like me will make me feel much better about myself.

Nobody is disagreeing with that fact. People are saying this guy is an idiot for complaining about how he only makes $400k + $174k + amazing health plan + amazing pension + capital gains income.

This guy is extremely rich and saying he can't possibly spare anymore. Meanwhile people in his political party want to cut his taxes and then raise them on families working paycheck-to-paycheck, barely getting by. Or outright not getting by.

THAT is the bullshit hypocrisy we're pointing out.

Screw it though. Let's tax all the rich fuckers 100%. I know that would make my life way better. I won't see one fucking cent of it but just knowing that all those rich bastards are fucking poor just like me will make me feel much better about myself.

Textbook straw man argument, made only by someone who can't think of anything meaningful to say.

What you and others also fail (by choice) to consider is that if this guy is taking home $200k in profits per year from his businesses that he would not even be hit by the tax changes Obama is proposing.

 

[mercury14]

You've gone from 'The rich were given a TEMPORARY tax cut' to 'the temporary bush tax cuts were heavily tilted toward the rich' in consecutive posts.

In which direction you'll move the goalposts next?

There wasn't any goalpost moving at all. Both things have always been the case and I've been consistent in saying so.

 

[BoyNextDoor]

Anyone else see this? It's absolutely jaw-dropping. (video on the page)

"The amount that I have to reinvest in my business and feed my family is more like $600,000 of that $6.3 million," Fleming explained. "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."

Fleming owns a string of Subway sandwich shops and UPS store franchises that earned a gross income of about $6.3 million last year, according to a review of the congressman's finances in The Wall Street Journal.

http://news.yahoo.com/blogs/ticket/rep-john-fleming-field-criticism-over-600k-income-153305241.html

I did not find it jaw dropping at all. He was truthful, stated the facts plainly and was refreshingly candid. Small business owners like him are the backbone of the US economy. The diversification of small businesses in the US is the strongest hedge against economic downturns, and the best defense against the plutocracy.

If taxed so that the $6M in gross revenue resulted in $500K in ... let's call it profit, and not $600K what do you think he will do? Change the lifestyle that his family enjoys in consuming the $200K? Nope. It will leave only $300K for reinvestment in his businesses.

What is so spectacular about any of that?

 

[trysail]

Nope, you're wrong. Capital gains rates were slashed. That's a tax break for the rich.

Sure middle-class folks have a little bit of capital gains that they cash in on when they retire. But nothing like the wealthy who use capital gains as supplemental or even their primary income. And the poor essentially can't access capital gains at all.

Therefore the temporary bush tax cuts were heavily tilted toward the rich.

You really are clueless. The capital gains tax is a voluntary tax for the simple reason that if you don't sell a §1221 capital asset, you'll never have a gain that can be taxed. The very existence of a direct tax on capital makes smart people very, very choosy about what they'll invest in. In combination with Warren Buffett's favorite holding period ( forever ), the existence of capital gain taxation tends to discourage risk taking and transactions and has the subtle beneficial effect of imposing a discipline of only buying enterprises that can be held for long periods of time. A true long term investor rarely pays capital gains tax.


The stock I own in the big-frickin'-corporation which was obtained from the sale of the company in which I was an owner-employee has a basis of $0.01. I'll never sell it; I'll go to my grave with it.

 

[mercury14]

I did not find it jaw dropping at all. He was truthful, stated the facts plainly and was refreshingly candid. Small business owners like him are the backbone of the US economy. The diversification of small businesses in the US is the strongest hedge against economic downturns, and the best defense against the plutocracy.

If taxed so that the $6M in gross revenue resulted in $500K in ... let's call it profit, and not $600K what do you think he will do? Change the lifestyle that his family enjoys in consuming the $200K? Nope. It will leave only $300K for reinvestment in his businesses.

What is so spectacular about any of that?

Why won't he take home less - at least in part? Dude is taking home $574k per year. You don't see any wiggle room there? No cushion?

And be careful with what you're reading. He said he's taking $400k per year profit, not $200k. He came to that $200k figure only after he spent another $200 "feeding his family".

Then add in his $174k for being a congressman.

 

[LJ_Reloaded]

Anyone else see this? It's absolutely jaw-dropping. (video on the page)

"The amount that I have to reinvest in my business and feed my family is more like $600,000 of that $6.3 million," Fleming explained. "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."

Fleming owns a string of Subway sandwich shops and UPS store franchises that earned a gross income of about $6.3 million last year, according to a review of the congressman's finances in The Wall Street Journal.

http://news.yahoo.com/blogs/ticket/rep-john-fleming-field-criticism-over-600k-income-153305241.html

My wife and I way less than what this Republican jackweed makes per year and after taxes, charitable contributions AND paying ourselves $65,000 a year, we come up with more than $400,000 a year in hand. You can live like the damned aristocracy on $65K if you don't waste it on paying off a $500K mortgage or trying to get an Escalade.

What the fuck is this guy doing with his money?

 

[mercury14]

You really are clueless. The capital gains tax is a voluntary tax for the simple reason that if you don't sell a §1221 capital asset, you'll never have a gain that can be taxed. The very existence of a direct tax on capital makes smart people very, very choosy about what they'll invest in. In combination with Warren Buffett's favorite holding period ( forever ), the existence of capital gain taxation tends to discourage risk taking and transactions and has the subtle beneficial effect of imposing a discipline of only buying enterprises that can be held for long periods of time. A true long term investor rarely pays capital gains tax.


The stock I own in the big-frickin'-corporation which was obtained from the sale of the company in which I was an owner-employee has a basis of $0.01. I'll never sell it; I'll go to my grave with it.

Nobody cares what you take to your grave.

You accidentally on-purpose forgot to include the following:

1) Capital loss deductions.

2) The fact that when capital gains taxes were much higher, people still took plenty of risks. Look at all the crazy shit people invested in during the Clinton era.


You should probably rethink what you're trying to say and re-post.

 

[mercury14]

My wife and I way less than what this Republican jackweed makes per year and after taxes, charitable contributions AND paying ourselves $65,000 a year, we come up with more than $400,000 a year in hand. You can live like the damned aristocracy on $65K if you don't waste it on paying off a $500K mortgage or trying to get an Escalade.

What the fuck is this guy doing with his money?

Well he's paying $200,000 every year to "feed his family". They need $137 per day to get by. Each.

That's just what they spend to survive. The other $374,000 of play money isn't factored in.

 

[BoyNextDoor]

Why won't he take home less - at least in part? Dude is taking home $574k per year. You don't see any wiggle room there? No cushion?

And be careful with what you're reading. He said he's taking $400k per year profit, not $200k. He came to that $200k figure only after he spent another $200 "feeding his family".

Then add in his $174k for being a congressman.

I understand where you are coming from - but why should he take home less? In all probability he'd lay off some employees to make up for the shortfall so that there continues to be enough money to reinvest, open up the next store, modernize etc etc.

The salary as a congressman really does not have anything to do with it. I mean you can make it part of the conversation a apersonal attack on the guy to try and make the case that 'enough is enough' or something, if you want, but it does not have anything to do with the impact of taxes on small businesses.