Tuesday, September 20, 2011

Where have all the millionaires gone?

One of the key problems with the budget deficit is that the government is just not getting tax receipts. If we were at 3+% growth, much of the current weeping about a crisis would go away. There would still be structural problems that will have to be solved, but we would be living in a different political world.The millionaires will be able to pay more of their fair share if there were more of them.

The numbers are interesting. The number of millionaires have decreased. Their tax revenues are down. If you want to solve the tax problem, make more millionaires not tax the fewer number that exist.

tax return changes 2007 vs 2009
1. $200,000  and above -    3,924,000  down 13 %
2. $1million and above -          237,000  down 37%
3. $10 million and above             8,274   down 55%

taxes paid  2007 vs 2009

1. $200,000  and above -    $434 billion  down 29%
2. $1million and above -       $178 billion  down 42%
3. $10 million and above        $54 billion   down51%


from IRS statistics of income 2011

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