More disingenuous confusion foisted upon us by Obama. Let me ask a question: What is a millionaire?
Buhler? Buhler? Anyone?
A millionaire is someone who has accumulated assets in excess of one million dollars. It is not (necessarily) someone who earns in excess of one million dollars a year. In accounting terms, an amount of assets is a balance sheet number, as opposed to an earnings statement number.
There are many people in this country who are now retired who, primarily by purchasing a home several decades ago, are "millionaires." The home that they bought in 1975 for $100,000 is, in many areas, worth 5 or 6 times that in today's dollars. Counting other assets--stocks, bonds, mutual funds, etc., it is not that rare an occurrence for someone who had a relatively successful career (but is not anywhere near being a "one percenter") to now have total assets that exceed a million dollars.
Many such "millionaires" are now living on social security, plus the income generated by their portfolios, and, in some cases, a pension from their former place of employment. The total of such payments is often fairly pedestrian, and could easily be below the $45,000 level cited by Obama.
If they want to tax assets (the accumulation of which is what defines "millionaire") then they should talk about a wealth tax, rather than comparing what you earn to what someone else has accumulated. Of course, to the left, the term "millionaires and billionaires" includes anyone making over $200,000.
Thank you so much for the info. I knew whatever the WH was pushing was a lie. I just have no idea what effective tax was. I figured it was like a small business. The really big fish like Warren will hide their money or spend millions fighting the IRS over a billion dollars in taxes. It’s worth it to spend 20 or 30 million to save a billion. Warren is a hypocrite and he makes me sick, him and his rich secretary(yea, like all secretaries....NOT). And no, I’m not begrudging her salary. She should make a good living, she’s a high powered secretary, probably works many hours and under a lot of stress. But, the hypocrisy makes me want to puke.