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Sep 19, 2011 by JOE GANDELMAN, Editor-In-Chief
Maybe this will be the battle cry.
Thus spake the “small business” owner of 33 Subway sandwich shops with a gross of $6,000,000 per year.
Of course he’s not as big a “small business” Price Waterhouse and Koch industries, but he’s just as indignant about paying taxes on his profit.
Mr. Fleming, no surprise here, belongs to the 60 member Tea Party caucus. I wonder what all those tea party members think about his statement.
Somehow, I just can’t buy the math here. $6 million gross from 33 Subway Sandwich shops.
That averages about $182 thou per year gross from each outlet. Or about $3,500 GROSS per week from each one, if it’s open 52 weeks per year. If it’s open 7 days a week, that’s a gross of $500 per day, per shop. And this is BEFORE expenses like salaries for staff, food supplies, rental of building, utilities and stuff? Cripes.
And he STILL ends up with $400 thou as profit after he “feeds his family”? Math was never my strong suit in school, but even I ain’t buying these figures.
He should have a smaller family and work harder to earn more money. That’s what Republicans always say in reponse to the middle and lower classes. Where’s the personal responsibility the Republicans and Tea Party always trot out?
StockBoyLA: when the GOP talks about “personal responsibility”, they mean your personal responsibility, not their personal responsibility.
Which, of course, is irresponsible.
33 franchises/shops. Not including the corporation’s cut, six million bucks.
something in the math doesn’t add up, those must be some darned prosperous shops. Profit margin usually runs about 3-5% of gross revenues generated on a sole propietorship after taxes, expenses, etc. are taken into account.
NOT a small businessman. Medium sized, maybe, but not small.
A small business is defined by law as have less than 500 employees and with that comes the small business tax cut/incentive.
Bet you didn’t know that.
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