Skip to comments.Are Millionaires All They’re Cracked Up to Be?
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, its clear why theyve 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 ...
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.
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.
...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.
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.
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.
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.
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.
It is probably just the opposite. There are probably many more “asset millionaires” versus “income millionaires”.
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.”
>> 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.
>> 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”.
A million pennies is $10,000.
Ah, decimals. What do they even mean, anyway.
OK, a million dimes, then. Just little tiny dollars.
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...
>> 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 dont 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.
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).