Skip to comments.Recession hurting Ohio’s millionaires, newspaper says
Posted on 11/01/2011 3:29:43 AM PDT by EBH
The recession slashed both the number and earnings of Ohio millionaires, according to a newspapers analysis of state tax returns.
The Dayton Daily News reports Monday that the state in 2007 had more than 7,800 taxpayers with adjusted gross income of $1 million or more. By 2009, the number was down to about 4,500.
Ohio Department of Taxation spokesman Gary Gudmundson says the 43 percent drop mirrors the national, 40 percent decline in millionaires during the same period.
Ohioans making $1 million or more had adjusted gross income totaling $50 billion in 2009, less than half the $103 billion the group earned in 2007.
Economists say millionaires have been hurt by volatility on the stock market, because so much of their income comes from investments and capital gains.
I’ve talked with enough leftists to know that more than a few believe that millionaires and billionaires have stacks of money throughout their homes or that the furniture they sit on is made out of money created by gluing stacks of bills together, until they get a chair or couch or table.
My father-in-law was a very good friend of one of the richest men in Massachusetts, whom he knew and befriended long before he had any money. The guy drove a Ford station wagon and lived in a [neat] three bedroom home in a middleclass neighborhood. He was quietly generous to charities, but skeptical of con artists and four flushers.
oh, the “rich” has been deemed any couples making $250,000/yr
I wonder how many of the 43% went Galt?
(ie: voluntarily stopped paying to prop up the marxist/socialist pigs?)
You’ll find that most millionaires aren’t showy.
They live in the same neighbourhoods much of their lives, drive beat-up cars.
They aren’t flashy and they really watch their money.
That’s often why they are millionaires. :)
I found it interesting that they state we’ve lost 40% of the millionaires.
In my head I am equating to that meaning we’ve lost 40% of the wealth in the country! And 0bama is trying to promote the idea of taxing the rich is going to replace that loss of wealth?
We’ve lost 40% of the investing power in business.
So when taxable net gains fell to $263 billion in 2009 from $912 billion in 2007, the highest income earners were disproportionately impacted, according to IRS data.
The amount of capital gains in the aggregate dropped a lot, and those are heavily received by high-income people, Nunns said.
...the highest income earners were disproportionately impacted, according to IRS data.
The fact based on IRS data is the very people 0bama and Dems. try to demonize were the ones who were disproportionally impacted. Considering what they want to do with 'capital gains,' the IRS facts don't support it on the whole. In fact the facts reveal it is counter-intuitive.
Just an FYI ping.
And coincidentally, the surviving millionaires are all Democrats.
What I find so incredible is that 0bama is out there telling people the rich are sitting on the sidelines holding all this wealth/money. He’s got 47% of the country believing this lie.