8.4 Million Millionaires in America

[teacherone]

Original Post had major math flaws...public schooling strikes again :)

if you took 220,000 off the 8.4 million millionaires in the US you would only solve one year's deficit.

[dean.engelhardt]

How do you have two green rep bars?

[teacherone]

How do you have two green rep bars?

lulz...that bad huh?

+ rep :D

[teacherone]

How do you have two green rep bars?

hang on...thought you were dissing my math skills.

you negged rep me... mods I want my + rep back :D

i was merely postulating the ridiculous of tax-the-rich to pay down the deficit.

apparently i have to spell it out for the village idiot here.

[Brian4Liberty]

Where did the 8.4 million stat from? Do they count people in high real estate areas, where the homes alone cost a million?

[teacherone]

NEW YORK — The number of U.S. millionaires increased by 600,000 in 2010, according to a report by Spectrem Group.

About 8.4 million American households had assets of $1 million or more, not including their primary residences, a gain of 8 percent, according to Chicago-based Spectrem. The figure is still below the 2007 high for millionaires, when there were 9.2 million in the U.S., Spectrem said.

"The recovery is doing better in this population, probably better than for Main Street America," said George Walper Jr., president of Spectrem, in a telephone interview. The Standard & Poor's 500 Index returned 15 percent last year.

http://www.chron.com/disp/story.mpl/business/7475023.html

[pcosmar]

Discussed here,


http://www.youtube.com/watch?v=661pi6K-8WQ

[dean.engelhardt]

I think your country would be better off with more millionaires. Many of these folks are working class that pumped up their 401K and personal saving so they wouldn't be a burden to their children and government in old age. The idea of taking a large portion of their savings to balance the budget for 1 year is ridicules because it has very little impact on the debt and would encourage more federal spending. The effect is the opposite of the desired outcome.

Signed
Village Idiot

[pcosmar]

NEW YORK — The number of U.S. millionaires increased by 600,000 in 2010, according to a report by Spectrem Group.



A million simply isn't what it used to be.

[teacherone]

I think your country would be better off with more millionaires. Many of these folks are working class that pumped up their 401K and personal saving so they wouldn't be a burden to their children and government in old age. The idea of taking a large portion of their savings to balance the budget for 1 year is ridicules because it does has very little impact on the debt and would encourage more federal spending. The effect is the opposite of the desired outcome.

no shit dean. that's the point of the thread.

[teacherone]

A million simply isn't what it used to be.

true. inflation adjusted numbers would be very interesting.

[Travlyr]

A million is not what it used to be, today $1 Million FRNs will buy about $28,500 silver dollars.

[dean.engelhardt]

no shit dean. that's the point of the thread.

Oh nice, since you edited your original post that says we should tax each millionair $220,000.

[teacherone]

Oh nice, since you edited your original post that says we should tax each millionair $220,000.

lulz... no i edited out my complete math retardedness. the word "should" never appeared.

hmmm... back in the old days we could cycle through the edits... but whatever...internet drama is for pussies.

[fatjohn]

How is this post right now? 8.4 million times one million is 8.4 trillion. Like 5 to 6 times the deficit. And some of those have like 50 million or so. Also, there is a typo in your post, see if you can spot it.

[teacherone]

ok...so i was right in the beginning.

if you took 220,000 off of every millionaire you could pay down one year's deficit.

no dean...i am not condoning this action - just illustrating that "taxing" the rich only solves a year's problem - nothing more.

[teacherone]

Discussed here,


http://www.youtube.com/watch?v=661pi6K-8WQ

great video. i wish he had stuck to the facts and not editorialized so much - limits the potential reach.

[teacherone]

hmmm... in the above video he only has 2,238.800 earners over 250K!

huge number disparity here - he's focusing on income not net worth.

[libertarian4321]

hmmm... in the above video he only has 2,238.800 earners over 250K!

huge number disparity here - he's focusing on income not net worth.

Many millionaires (net worth) are not huge earners, they are regular people who are extraordinary savers who invest their money wisely.