bitterlyclingin
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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 nations budget crisis, they intend to get the trillions of dollars they need from the countrys millionaires and billionaires. So this is highly inconvenient: the countrys 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 wasnt 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
America Suffering Shortage of Millionaires
To the extent the Democrats have a plan for dealing with the nations budget crisis, they intend to get the trillions of dollars they need from the countrys millionaires and billionaires. So this is highly inconvenient: the countrys 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 wasnt 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