Steele: 'After taxes, $1 million is not a lot of money'

RNC chairman Michael Steele has yet another gaffe to live down after arguing in a debate yesterday that $1 million isn't a lot of money.

Steele made the comments while debating former Rep. Harold Ford (D-Tenn.) at the University of Arkansas. The topic turned to taxes, and Steele criticized President Obama's plan to let the Bush tax cuts expire for wealthy Americans.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said, according to the Associated Press.

Ford, who's gearing up for a primary challenge against Sen. Kirsten Gillibrand (D-N.Y.), taunted Steele for the remark.

"Who in here makes a million dollars a year?" Ford asked the college audience.