Inconvnient Truth Re Obama Deficit Plan: Country Has Shortage Of Millionaires

Discussion in 'Economy' started by bitterlyclingin, Aug 22, 2011.

  1. bitterlyclingin
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    bitterlyclingin Silver Member

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    Posted on August 21, 2011 by John Hinderaker in Economy

    America Suffering Shortage of Millionaires

    To the extent the Democrats have a plan for dealing with the nation’s budget crisis, they intend to get the trillions of dollars they need from the country’s “millionaires and billionaires.” So this is highly inconvenient: the country’s supply of millionaires is dwindling:


    ased on 2009 IRS figures,…the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent.

    The carnage wasn’t confined to millionaires. The number of taxpayers earning over $200,000 per year also decreased by 612,000 – or 13 percent.

    This is, of course, the result of the recession. The trend line no doubt has continued to be bad since 2009, as the Obama Recovery has failed to get off the ground. The moral of the story is that if you want to base your fiscal strategy on soaking the rich, you had better not implement policies that decimate the ranks of the high earners.


    America Suffering Shortage of Millionaires | Power Line
     
  2. bitterlyclingin
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    bitterlyclingin Silver Member

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    (Interesting how lawyers seem to glom onto tidbits like these in unison, whether they're in upstate New York or Minneapolis, Mn. Accompanying pic of ludicrous bumper sticker at the link)

    "The problem with relying on taxing the rich …

    Posted by William A. Jacobson Monday, August 22, 2011 at 7:00am

    … in order to pay for your grand spending plans is that sometimes you run out of rich:


    … based on 2009 IRS figures, … the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent.

    The carnage wasn’t confined to millionaires. The number of taxpayers earning over $200,000 per year also decreased by 612,000 – or 13 percent.

    Ya didn’t think this through, did ya, geniuses?"

    » The problem with relying on taxing the rich … - Le·gal In·sur·rec·tion
     
  3. expat_panama
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    expat_panama Silver Member

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    The Marxist view is there can never be a shortage of millionaires because as their spokesperson said when he was running for president "we need to spread the wealth around." Equally dividing all US private wealth means we're each entitled to no more than $190k (less the government's cut). No millionaires allowed at all in Obama's workers paradise.
     
  4. chanel
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    chanel Silver Member

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    Trickle down misery.

    [​IMG]
     
  5. editec
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    editec Mr. Forgot-it-All

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    Oh those poor, poor, poor millionaires.

    The humanity!
     
  6. chanel
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    chanel Silver Member

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    It's not just about them editec. Note "taxes paid" column.

    Where have all the millionaires gone? | Campaign 2012

    I don't pretend to be an expert in economics, but I do know how the "loss of millionaires" can affect a tourist industry like where I live. The millionaires build second homes. Not so much in the past two years. The millionaires buy boats. Not so much in the past two years. The millionaires spend lots of money on vacation and tip their servers well. Not so much...
     
  7. FuelRod
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    FuelRod Gold Member

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    Too many zero's for the left to comprehend.
     
  8. highway234
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    highway234 Member

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  9. chanel
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    chanel Silver Member

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    412 = "tons"?
     
  10. highway234
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    highway234 Member

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    sure does. more than any other country in a world by an order of magnitude.

    maybe you didn't see, i'm talking about billionaires, not millioniares. billion, with a B.

    when us libs talk about income disparity and the rich getting a free ride in this country, we were never alleging that there were a lot of rich people in america. if there were, that would be a good thing. there are actually very few rich people in america, but they have hoarded an obscene amount of wealth. the fact that the number of millionaires in america is declining isn't surprising. there are fewer, but the ones that remain have an enormous and growing share of the nation's wealth. that's a trend that will probably continue.
     

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