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

[bitterlyclingin]

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

 

[bitterlyclingin]

(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

 

[expat_panama]

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.

 

[chanel]

Trickle down misery.

 

[editec]

Oh those poor, poor, poor millionaires.

The humanity!

 

[chanel]

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

If you are tempted to join Sen. Frank Lautenberg, D-N.J., in a bit of schadenfreude over the fact that nearly four in ten millionaires disappeared in two years, don't be. The chart also shows how the loss of these top income earners adversely affected the federal government’s bottom line.

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...

 

[FuelRod]

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

If you are tempted to join Sen. Frank Lautenberg, D-N.J., in a bit of schadenfreude over the fact that nearly four in ten millionaires disappeared in two years, don't be. The chart also shows how the loss of these top income earners adversely affected the federal government’s bottom line.

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...

Too many zero's for the left to comprehend.

 

[highway234]

i don't know how many millionaires there are in the US, but there are TONS of billionaires, and the number's constantly going up.

List of countries by the number of US dollar billionaires - Wikipedia, the free encyclopedia

 

[chanel]

412 = "tons"?

 

[highway234]

412 = "tons"?

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.

 

[Truthmatters]

tell me how the right is going to balence our budget by going after the poor for the money?

There is NO shortage of poor people in America anymore but you wont get much blood out of those turnips.

They own so little here that squeeze them all you want, all you will get is a trickle

 

[editec]

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

If you are tempted to join Sen. Frank Lautenberg, D-N.J., in a bit of schadenfreude over the fact that nearly four in ten millionaires disappeared in two years, don't be. The chart also shows how the loss of these top income earners adversely affected the federal government’s bottom line.

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...

You know that I have been saying for a long long time that the people MOST screwed by our tax system were the AFFLUENT.

It is THEY who pay the difference in taxes that the billionaires aren't paying.

Do I think that the affluent escaped the recent meltdown?

Of course not.

Now...who to blame for all this?

Poor people?

Did THEY make the decisons that lead to the meltdown?

FWIW I do NOT think that increasing TAXES or trying to balance the budget in a recession makes much sense.

But then I don't think that cutting government spending makes any sense in this economic climate either.

WHY?

Because the problem in this economy right now is the perception (and reality for far too many of us, too) THAT is there NOT enough money moving around in the economy.

What the Ds want to do (raise taxes on the affluent and the obscene rich) is foolish.

What the Rs want to do (cut spending on social services in the very time they are NO needed) is also foolish.

So I am left with the impression that we are either being lead by god damned fools or truly EVIL people.

 

[Sunshine]

Country has shortage of millionaires?

I'll be one. Sunshine stands on tippy toe and jumps up to be seen..... here pick me, pick me!

 

[Sallow]

Going by Forbes', 32 of the top 100 billionaires live in the US.

The World's Billionaires 2011 - Forbes.com

 

[highway234]

Going by Forbes', 32 of the top 100 billionaires live in the US.

The World's Billionaires 2011 - Forbes.com

yup, and they'll be needing you and me to go ahead and pay their taxes, kthx.

 

[Oldstyle]

And if you took every dime that those 32 billionaires possess it wouldn't come close to paying for the unfunded entitlements we're going to be liable for over the next 20 years. What part of that, don't you progressives "get"?

 

[highway234]

And if you took every dime that those 32 billionaires possess it wouldn't come close to paying for the unfunded entitlements we're going to be liable for over the next 20 years. What part of that, don't you progressives "get"?

yeah, and if you took every dime the lower 50% of americans own, it wouldn't come close to paying for the two unfunded wars bush shoved down our throats. what's your point? why are you so bent on paying the affluent's share of taxes for them?

 

[chanel]

The progressive tax system is based on envy, the “resentful awareness of an advantage enjoyed by another joined with a desire to possess the same advantage.” … the modern U.S. tax code was imposed in response to so-called progressives agitating against the natural inequality in wealth distribution. Basing public policy on envy teaches people to nurture their natural tendency toward this vice, instead of to resist and rise above it. It encourages everyone to think himself a victim and perpetuates resentment because there will always be something to envy.

CBS’ Bob Schieffer, Class Warrior: Hey, I know. Let’s Soak the Rich! - Big Journalism

 

[Oldstyle]

Once again for the mathematically challenged members of the board?

We need to reform entitlements. The way they are presently constituted will have our yearly deficits at 300% of GDP in twenty years. Now you can try and ignore that situation. Progressives can attack anyone who proposes reforms, accusing them of wanting to eliminate Medicare or Social Security. But to what end? Those programs will become insolvent. At some point nobody will loan us the money to pay for them. Not reforming them will end up further downgrading our credit rating. We can only print so many dollars before our currency starts to become worthless.

THAT is the "inconvenient truth" that Obama and his fellow progressives refuse to confront. Instead they've chosen to play the "class envy card" hoping that will get him reelected. It's a short sighted strategy that makes America weaker and weaker with each passing month.

 

[Defiant1]

412 = "tons"?

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.

I did a few google searches, didn't find any. Can you find any individual that has a yearly net income of over $1b?