Posted on 05/31/2012 10:33:23 AM PDT by Cheerio
America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.
(Excerpt) Read more at cnbc.com ...
Did anyone look under the couch cushions?
Last year I was a thousandaire, this year I’m a hundredaire.
CHANGE!
Where did they all go?
Next year you’ll be a wooden nickelaire
Its working!! ITS WORKING!!! The Great Equalizer of Economic Outcomes is hard at work.
By allowing President Bush’s tax cuts to retire, Present Obamalamadingdong will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Do the math with me:
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.
Raising the 20% bracket to 25% represents what percentage of increase? Hint: The correct answer, again, is NOT 5%.
Finally, raising the 35% bracket to 39% represents what percentage of increase: Hint: The correct answer is NOT 4%.
Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?
Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?
To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.
From 20% to 25%...that’s a full-blown 25% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.
good times...sell whatever you don’t need now.
Obama and the dem’s “spread the wealth” is working.
Obama must be so very proud.... damn him, damn him to hell.
Aren’t they supposed to foot the bill for all the crazy government spending? If there are less “rich” people they will just have to pay more. That will fix it for sure.
“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” -Winston Churchill
I’m still here. My spreadsheet shows a net worth gain of 6.02% for 2011.
Now income, that was down a little. Who wants to pay tax?
Its working!! ITS WORKING!!! The Great Equalizer of Economic Outcomes is hard at work.
If they keep printing money at this rate we’ll all be millionaires soon. Millions of worthless dollars.
They became citizens of Singapore!
BTW, shouldn’t your tagline say, “(obama = jimmy carter x 100)”?
a millionaire across the bar from you gives you hope.
hope that you can also become successful through hard work, ingenuity, imagination, persistence, etc
once they vilify the successful and start to tax them into extinction...
then you have no hope of EVER becoming successful.
no amount of hard work, no amount of genius would allow you, or your family, to become successful
that is just the way socialism and all the policies of the left work
under the policies of the left... only those in charge become successful. the rest are left to beg for scraps at the mercy/whim of the anointed and politically favored.
HOPE is gone, only CHANGE remains in our pockets.
Hey! My one year CD just renewed @ .35%! YEEHAW!!! Can’t decide if I’ll buy a case of Rolling Rock or a ham sandwich with the interest check!
A quick check of my account reveals I made 8.5% on my stock portfolio in 2011. That is the year that all these millionaires supposedly lost money, according to the article:
“The main reason for all this wealth loss? Stocks.”
“With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.”
I don’t know what these other guys were investing in, but it was not that hard to make money in 2011. This year is a different story.
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