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Are Millionaires All They’re Cracked Up to Be?
Commentary Magazine ^ | 7/27/2009 | Max Boot

Posted on 07/27/2009 2:37:56 PM PDT by Jbny

In trying to pay for the Democrats’ grandiose health-care plan, President Obama has endorsed the concept of a “millionaires’ surtax.” Leave aside for a moment the consideration that not even this would raise the revenues necessary to pay for the Democrats’ designs; they will be forced to increase taxes on those earning considerably less than $1 million a year. Still, it’s clear why they’ve focused on milking millionaires as the way to fund their plans. Millionaires are seen as the symbols of excess — far removed from the “middle class” to which all politicians pay obeisance. Surely they can afford to pay more, the president and his supporters no doubt figure.

(Excerpt) Read more at commentarymagazine.com ...


TOPICS: Editorial; Government; News/Current Events; Politics/Elections
KEYWORDS: democrats; millionaires; obama; rich; wealthy

1 posted on 07/27/2009 2:37:57 PM PDT by Jbny
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To: Jbny
Are Millionaires All They’re Cracked Up to Be?

Well some can afford a lot more crack than others.

A crack binge can be devastating for a poor person.
Millionaires can fall out after a couple of days and remain solvent.

2 posted on 07/27/2009 2:43:24 PM PDT by humblegunner
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To: Jbny
This article is incredibly weak and its point is stupid.
3 posted on 07/27/2009 2:44:32 PM PDT by JasonC
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To: Jbny

This article confuses income with net worth, something that many people do. Just because someone makes $1 million/yr does not make them a millionaire, unless their assets minus liabilities equals > $1 million. I’m sure there are many $1 million income earners who have negative net worth.


4 posted on 07/27/2009 2:47:59 PM PDT by GnL
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To: Jbny

...there’s a big difference between being a millionaire and making a million a year...my wife and I are millionaires and we live on $54,000 a year from our investments...believe me, $54k a year makes you very fortunate indeed.....not rich.


5 posted on 07/27/2009 2:49:16 PM PDT by STONEWALLS
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To: GnL

I know people who make ten times what I do, and have lots of nice toys to prove it.

They are also in debt up to their eyeballs and one banana peel away from disaster.


6 posted on 07/27/2009 2:52:00 PM PDT by reagan_fanatic (Impeach the sumbeech)
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To: Jbny
I'd bet EVERY senator and representative in Congress, as well as the prez and vice-prez, as well as SCOTUS would qualify as ‘rich’ by their own measurement. Is this tax something they will be EXEMPT from as well?
7 posted on 07/27/2009 2:57:54 PM PDT by boatbums (Pro-woman, pro-child, pro-life!)
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To: Jbny

al gore made the statement (while he was in powerr) that if a person made 250K per year for 4 years, that made that person a millionaire. And boys and girls, he was the 2nd highest person in the dimrat party just behind the frat boy, klintoon. Just think, he was just one heartbeat away from the presidency. Typical dimrat, educated way beyond their intelligence.


8 posted on 07/27/2009 2:58:08 PM PDT by Texas resident ( Boys and Girls, it's us against them.)
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To: Jbny

Now we may have to expand the concept of “millionaires” to include what today are thought of as “thousandaires”.

A hundred thousand dollars is a million pennies.


9 posted on 07/27/2009 2:59:32 PM PDT by alloysteel (Never let an inanimate object know that you are in a hurry.)
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To: Jbny

While this article is no doubt an informative read on the subject, it still probably misses the basic fact behind why it’s wrong to tax the “rich” for any reason; IT’s THEIR PROPERTY.

Whether they can afford it or not is irrelevant, just as it’s irrelevant whether a person with more than one vehicle can afford to give it to someone else; it’s his/her vehicle to use as they please.

One thing I’ve always noticed about the “tax the rich” supporters is that they always come from the belief that money isn’t property (then turn around and say the government owns it). That’s the issue that needs to be dealt with, not whether or not the “rich” are really as well off as we think they are.


10 posted on 07/27/2009 3:03:25 PM PDT by RWB Patriot ("Need has never produced anything. It has only been an excuse to steal from those with ablity.")
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To: GnL

It is probably just the opposite. There are probably many more “asset millionaires” versus “income millionaires”.


11 posted on 07/27/2009 3:16:11 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: Jbny

Word of the day: “Obeisance”.

1. a movement of the body expressing deep respect or deferential courtesy, as before a superior; a bow, curtsy, or other similar gesture.
2. deference or homage: “The nobles gave obeisance to the new king.”


12 posted on 07/27/2009 3:35:06 PM PDT by Impy (RED=COMMUNIST, NOT REPUBLICAN)
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To: Jbny
The most notable look at the devaluation of money is the fact that John D. Rockefeller remains the wealthiest man to have ever lived. He had more buying power in 1916 than anybody has ever had before or since, BY A LONG SHOT! As a matter of fact NO LIVING PERSON RANKS IN THE TOP TEN WEALTHIEST PEOPLE IN THE HISTORY OF THE MODERN WORLD. This is according to Forbes. This list stretches back as far as Marcus Licinius Crassus who died in 53 BC (ranked 8th with $170 Million sestertius or $181 Billion Dollars US)
13 posted on 07/27/2009 3:56:43 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: reagan_fanatic

>> I know people who make ten times what I do, and have lots of nice toys to prove it. They are also in debt up to their eyeballs and one banana peel away from disaster.

That was then... fast forward to now.

They slip on a banana peel, and YOU (and I), who worked hard but didn’t overextend, will kindly pick up the tab.


14 posted on 07/27/2009 4:02:25 PM PDT by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: rbg81

>> There are probably many more “asset millionaires” versus “income millionaires”.

I think you’re right. And the nice thing about being an “asset millionaire” is, when the Bambination gets all hot and bothered about wringing dough out of income millionaires, we can just “galt out” and sit on our asse(t)s and adjust our investments and spending habits to hang on to it without handing so much of it to Bambi...

They are NOT counting on this. IRS revenues are plummeting! Duh.

Inflation might be a bit of a problem though. :-) As would some sort of a “wealth tax”.


15 posted on 07/27/2009 4:06:45 PM PDT by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: alloysteel
A hundred thousand dollars is a million pennies.

A million pennies is $10,000.

16 posted on 07/27/2009 4:29:44 PM PDT by SnuffaBolshevik
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To: SnuffaBolshevik

Ah, decimals. What do they even mean, anyway.

OK, a million dimes, then. Just little tiny dollars.


17 posted on 07/27/2009 4:46:48 PM PDT by alloysteel (Never let an inanimate object know that you are in a hurry.)
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To: Nervous Tick

And the nice thing about being an “asset millionaire” is, when the Bambination gets all hot and bothered about wringing dough out of income millionaires, we can just “galt out” and sit on our asse(t)s and adjust our investments and spending habits to hang on to it without handing so much of it to Bambi...


Nice thought. But people like Charlie Rangel are already talking about a one time “asset” tax. One time, yeah sure. Personally, Rangel says some crazy stuff and I don’t think this will happen anytime soon. But I think in 10-15 years the Government cash crunch will be such that they’ll resort to desperate measures. The Fed is already buying half our Treasuries and China isn’t stupid. We we can’t finance our debt anymore, watch out!


18 posted on 07/27/2009 4:51:07 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: rbg81

>> people like Charlie Rangel are already talking about a one time “asset” tax. One time, yeah sure. Personally, Rangel says some crazy stuff and I don’t think this will happen anytime soon

They’ll telegraph their intentions with plenty of time for those of us who maintain flexibility to get out of the way.

By the way... why do you think they’re leaning so hard on the Swiss and other offshore banking entities? So they can track what happens to assets and income and prevent reactionary flights of capital to avoid taxation. Closing the noose one step at a time...

But, not to worry, there are always ways around their games.

As I mentioned, inflation is a greater worry to me right now than anything Crazy Uncle Charlie Rangel might try.


19 posted on 07/27/2009 5:15:25 PM PDT by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: rbg81

The bigger problem is that we have a crowd in the WH now who is determined to spend us into oblivion. And they think they can get away with it if they just keep the bottom 60% of the population from feeling the pain while they tax the rest of us to pay the freebees. They are in a hole because they have promised to much to too many. So they are working overtime to think of ways to package the taxes so no one will complain. That is what Cap & Trade is all about—not Global Warming (which is a textbook example of the Big Lie).


20 posted on 07/27/2009 5:30:57 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: STONEWALLS
there’s a big difference between being a millionaire and making a million a year...my wife and I are millionaires and we live on $54,000 a year from our investments...believe me, $54k a year makes you very fortunate indeed.....not rich.

And I dare say that the million you made was through hard-work, putting money aside, saving, investing, not living the credit-card life. In short, you, like most self-made millionaires DESERVE the money.

Ok, inherited wealth does put up Paris Hiltons but not earned money.
21 posted on 07/27/2009 11:30:18 PM PDT by Cronos (Ceterum censeo, Mecca et Medina delendae sunt + Jindal 2K12)
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