Monday, January 2, 2012

40% of Millionaires Vanish! To the food line with the Rest of us!

Recently released IRS figures show that the number of millionaires has declined 39 percent since 2007, leaving those millionaires who remain to continue paying the lion's share of taxes, The Wall Street Journal reports.

Figures for these disappearing millionaires go a long way toward explaining why federal tax revenues have sunk to 15 of GDP in recent years: The loss of millionaires accounts for at least $130 billion of the higher federal budget deficit in 2009.

They also suggest that if Warren Buffet truly wants to reduce the deficit, encouraging policies that create more millionaires would be smarter than not campaigning to tax the remaining ones more.

Nearly four of 10 millionaires vanished in two years, and the total taxes they paid in 2009 declined to $178 billion, a drop of 42 percent.

The Rich Get Poorer as Number of Millionaires Declines 

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