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Recession hurting Ohio’s millionaires, newspaper says
Chronicle Telegram ^ | 10/31/11

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 newspaper’s 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.


TOPICS: Business/Economy; Chit/Chat; Music/Entertainment
KEYWORDS: millionaires
I thought this was just an interesting factoid in light of all the make millionaires pay rhetoric. All the people thinking all this money is sitting on the sidelines etc.
1 posted on 11/01/2011 3:29:44 AM PDT by EBH
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To: EBH

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.


2 posted on 11/01/2011 3:37:45 AM PDT by Jonty30
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To: Jonty30

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.


3 posted on 11/01/2011 3:45:38 AM PDT by Lonesome in Massachussets (Ceterum autem censeo, Obama delenda est.)
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To: EBH

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?)


4 posted on 11/01/2011 3:52:24 AM PDT by sten (fighting tyranny never goes out of style)
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To: Lonesome in Massachussets

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. :)


5 posted on 11/01/2011 3:58:54 AM PDT by Jonty30
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To: EBH
Well they will hurt much more if obama and the dims pull their wealth out from their evacuation ports. I'd bet the majority of those millionaires are dims.

LLS

6 posted on 11/01/2011 4:12:38 AM PDT by LibLieSlayer ("Americans are hungry to feel once again a sense of mission and greatness." Ronaldo Magnus)
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To: LibLieSlayer

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.


7 posted on 11/01/2011 4:21:15 AM PDT by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: LibLieSlayer
More details here: http://www.daytondailynews.com/news/dayton-news/ohio-sees-sharp-drop-in-number-of-millionaires-1277179.html

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.

8 posted on 11/01/2011 4:29:23 AM PDT by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: blam

Just an FYI ping.


9 posted on 11/01/2011 4:30:53 AM PDT by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: EBH

And coincidentally, the surviving millionaires are all Democrats.


10 posted on 11/01/2011 4:50:22 AM PDT by kittymyrib
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To: EBH

Thanks.


11 posted on 11/01/2011 6:15:46 AM PDT by blam
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To: EBH
Amen... as a business man... I can assure you that wealth has been destroyed... destroyed on purpose.

LLS

12 posted on 11/01/2011 6:30:18 AM PDT by LibLieSlayer ("Americans are hungry to feel once again a sense of mission and greatness." Ronaldo Magnus)
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To: EBH
Taking more of other people's money is always a losing agenda... it destroys everything when it becomes punitive.

LLS

13 posted on 11/01/2011 6:33:37 AM PDT by LibLieSlayer ("Americans are hungry to feel once again a sense of mission and greatness." Ronaldo Magnus)
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To: LibLieSlayer

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.


14 posted on 11/01/2011 11:20:27 AM PDT by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: EBH
Goebbels would be proud... and the media have 47% convinced.
If he didn't have them...

LLS

15 posted on 11/01/2011 5:23:38 PM PDT by LibLieSlayer ("Americans are hungry to feel once again a sense of mission and greatness." Ronaldo Magnus)
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