By Erica Wisniewski - 09/19/11 06:19 PM EDT
Business owner and congressman John Fleming (R-La.) said Monday that higher taxes on his personal income would keep him from expanding his personal businesses and creating more jobs.
Additional taxes on the wealthy would amount to class warfare, said Fleming, who cautioned that "class warfare has never created a job."
Speaking on MSNBC, he used the example of his own personal and business income to show how Obama's deficit-reduction plan, which proposes additional taxes on high-income brackets and corporations, would hurt the economy and slow job creation further.
Fleming said that additional taxes on current 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."
Fleming owns several Subway and UPS Store franchises, and was asked about how he files taxes for his personal and business incomes.
"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 told MSNBC's Chris Jansing.