Millionaires and Billionaires

Wiseacre

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Let me throw some numbers at you from the Social Security Administration, for 2009 filers. When Obama talks about raising taxes on the M&Bs, he's really talking about these people:

Net Compensation
Interval Number Avg Amount

$200,000 - 249,999 711,569 $222,117.26
$250,000 - 299,999 368,345 $272,309.01
$300,000 - 349,999 217,974 $322,772.36
$350,000 - 399,999 142,454 $373,184.04
$400,000 - 449,999 99,121 $423,280.40
$450,000 - 499,999 71,229 $473,738.46
$500,000 - 999,999 221,035 $663,682.00
----------------------------------------------------------------------
$1,000,000 - 1,499,999 39,938 $1,199,920.55
$1,500,000 - 1,999,999 14,569 $1,715,940.91
$2,000,000 - 2,499,999 7,152 $2,227,253.08
$3,000,000 - 3,499,999 2,730 $3,232,130.37
$3,500,000 - 3,999,999 1,841 $3,732,044.23
$4,000,000 - 4,499,999 1,415 $4,238,111.23
$4,500,000 - 4,999,999 1,029 $4,726,929.13
$5,000,000 - 9,999,999 3,689 $6,766,642.90
$10,000,000 - 19,999,999 1,193 $13,363,130.75
$20,000,000 - 49,999,999 353 $28,711,102.15
$50,000,000 and over 72 $84,132,717.67

Above the line: approx 1.8 million filers, approx 604 billion in net compensation

Below the line: approx 78 thousand filers, approx 184.3 billion in net comp

If you wanna go after the guys below the line, the 78k who really are millionaires and billionaires based on their income, how much extra money are you going to get? Say you raise their rate by 5%, that's like what, 9 billion in more money? If they don't find ways to shelter it from taxes one way or another, and they will. That ain't going to help much with a 1.5 trillion deficit this year.

The guys above the line, between 200k to 1 million, most of 'em are making less than 350k, you get an extra 30 billion or so in increased taxes, again if they don't find ways to avoid it. Still a drop in the bucket compared to the deficit, and I find it hypocritical to lump these guys in with the guys making really big money.

The United States Social Security Administration
 
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boedicca

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This is why Obama has redefined Millionaires and Billionaires as making $200K. The cumulative income of the upper middle class is far higher than that of the real Ms&Bs.
 

PoliticalChic

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Let me throw some numbers at you from the Social Security Administration, for 2009 filers. When Obama talks about raising taxes on the M&Bs, he's really talking about these people:

Net Compensation
Interval Number Avg Amount

$200,000 - 249,999 711,569 $222,117.26
$250,000 - 299,999 368,345 $272,309.01
$300,000 - 349,999 217,974 $322,772.36
$350,000 - 399,999 142,454 $373,184.04
$400,000 - 449,999 99,121 $423,280.40
$450,000 - 499,999 71,229 $473,738.46
$500,000 - 999,999 221,035 $663,682.00
----------------------------------------------------------------------
$1,000,000 - 1,499,999 39,938 $1,199,920.55
$1,500,000 - 1,999,999 14,569 $1,715,940.91
$2,000,000 - 2,499,999 7,152 $2,227,253.08
$3,000,000 - 3,499,999 2,730 $3,232,130.37
$3,500,000 - 3,999,999 1,841 $3,732,044.23
$4,000,000 - 4,499,999 1,415 $4,238,111.23
$4,500,000 - 4,999,999 1,029 $4,726,929.13
$5,000,000 - 9,999,999 3,689 $6,766,642.90
$10,000,000 - 19,999,999 1,193 $13,363,130.75
$20,000,000 - 49,999,999 353 $28,711,102.15
$50,000,000 and over 72 $84,132,717.67

Above the line: approx 1.8 million filers, approx 604 billion in net compensation

Below the line: approx 78 thousand filers, approx 184.3 billion in net comp

If you wanna go after the guys below the line, the 78k who really are millionaires and billionaires based on their income, how much extra money are you going to get? Say you raise their rate by 5%, that's like what, 9 billion in more money? If they don't find ways to shelter it from taxes one way or another, and they will. That ain't going to help much with a 1.5 trillion deficit this year.

The guys above the line, between 200k to 1 million, most of 'em are making less than 350k, you get an extra 30 billion or so in increased taxes, again if they don't find ways to avoid it. Still a drop in the bucket compared to the deficit, and I find it hypocritical to lump these guys in with the guys making really big money.

The United States Social Security Administration
As a study of your numbers indicates, this 'class warfare' strategy is a poor solution...

....and if I can add another dimension, increased taxes on our fellow rich folks would be exactly the opposite medicine that the economy requires:

"According to new research from Moody’s Analytics, the top 5% of Americans by income account for 37% of all consumer outlays. Outlays include consumer spending, interest payments on installment debt and transfer payments.
By contrast, the bottom 80% by income account for 39.5% of all consumer outlays."
U.S. Economy Is Increasingly Tied to the Rich - The Wealth Report - WSJ
 

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