Millionaires Comprise 0.1% of the Population

[mikedog]

According to recent data published by the IRS, only 235,000 individuals/couples earn more than $1 million annually. Only 8,274 individuals/couples earn more than $10 million annually.

Two points:

First, you can't fund a country of 300 million people on the backs of 250,000 wealthy individuals. The numbers just don't add up.

Second, it is dishonest for the President and the Democrats to characterize a tax hike on those making more than $200K-$250K as a tax hike on millionaires and billionaires. Tax returns reporting income more than $1 million annually constitute 6% of the total tax returns filed by individuals/couples earning more than $200K. Of the 3.7 million tax returns reporting income falling between $200K and $1 million, 84%--or 3.1 million of those returns-- report income falling between $200K and $500K. To state it another way, the $200-500K crowd constitutes approximately 79% of the total tax returns filed by those making over $200K. These people aren't millionaires. They don't own private planes and yachts. These people are the working "rich"--the professionals (i.e., doctors, lawyers, pharmacists, etc.) and small business owners who work 60+ hours a week.


http://www.politico.com/news/stories/0811/60717.html

[LookingForResults]

According to recent data published by the IRS, only 235,000 individuals/couples earn more than $1 million annually. Only 8,274 individuals/couples earn more than $10 million annually.

Two points:

First, you can't fund a country of 300 million people on the backs of 250,000 wealthy individuals. The numbers just don't add up.

Second, it is dishonest for the President and the Democrats to characterize a tax hike on those making more than $200K-$250K as a tax hike on millionaires and billionaires. Tax returns reporting income more than $1 million annually constitute 6% of the total tax returns filed by individuals/couples earning more than $200K. Of the 3.7 million tax returns reporting income falling between $200K and $1 million, 84%--or 3.1 million of those returns-- report income falling between $200K and $500K. To state it another way, the $200-500K crowd constitutes approximately 79% of the total tax returns filed by those making over $200K. These people aren't millionaires. They don't own private planes and yachts. These people are the working "rich"--the professionals (i.e., doctors, lawyers, pharmacists, etc.) and small business owners who work 60+ hours a week.


http://www.politico.com/news/stories/0811/60717.html

Why can't the Republican Party clearly and consistently set forth these simple facts and lay to rest for good these class-envy-inspiring comments from Democrat Demagogue's?

[T_Won]

Why can't the Republican Party clearly and consistently set forth these simple facts and lay to rest for good these class-envy-inspiring comments from Democrat Demagogue's?

Because it is viewed as "spin." I think the media needs to do a better job of stating the facts, even if it means challenging the Democrats, because they are supposed to be an unbiased 4th branch of government that holds both sides accountable. Withholding these facts gives me the impression that they are on the Democrat's side.

[mikedog]

Why can't the Republican Party clearly and consistently set forth these simple facts and lay to rest for good these class-envy-inspiring comments from Democrat Demagogue's?

I have wondered that myself. I can't tell you how many times I've heard Republicans counter Obama's class warfare/tax hike plan with the "don't raise taxes in a recession" talking point. When the facts are on your side, why resort to vague talking points?

[DawgyNWindow]

Withholding these facts gives me the impression that they are on the Democrat's side.

That much is obvious.

It is so bad that even presenting a different viewpoint other than the dem talking point is considered to be slanted to the right.

The media has failed us, and our country. 90% of their reporting is opinion and editorial content, so much so that it is difficult to separate ABC, NBC, CBS, CNN and MSNBC from Jon Stewart or Stephen Colbert.

[T_Won]

That much is obvious.

It is so bad that even presenting a different viewpoint other than the dem talking point is considered to be slanted to the right.

The media has failed us, and our country. 90% of their reporting is opinion and editorial content, so much so that it is difficult to separate ABC, NBC, CBS, CNN and MSNBC from Jon Stewart or Stephen Colbert.

Agree. John Kerry is asking media not to cover what the Tea Party has to say because they are not legitimate. Let's see if they obey.

SEN. JOHN KERRY: "And I have to tell you, I say this to you politely. The media in America has a bigger responsibility than it's exercising today. The media has got to begin to not give equal time or equal balance to an absolutely absurd notion just because somebody asserts it or simply because somebody says something which everybody knows is not factual."

"It doesn't deserve the same credit as a legitimate idea about what you do. And the problem is everything is put into this tit-for-tat equal battle and America is losing any sense of what's real, of who's accountable, of who is not accountable, of who's real, who isn't, who's serious, who isn't?"

http://www.realclearpolitics.com/vid...tea_party.html

How much of the Constitution is he asking them to violate?

1. Freedom of Press
2. Freedom of Speech

[mikedog]

The media has got to begin to not give equal time or equal balance to an absolutely absurd notion... which everybody knows is not factual."

This coming from Mr. faux war hero himself!

[genpop]

Agree. John Kerry is asking media not to cover what the Tea Party has to say because they are not legitimate. Let's see if they obey.

SEN. JOHN KERRY: "And I have to tell you, I say this to you politely. The media in America has a bigger responsibility than it's exercising today. The media has got to begin to not give equal time or equal balance to an absolutely absurd notion just because somebody asserts it or simply because somebody says something which everybody knows is not factual."

"It doesn't deserve the same credit as a legitimate idea about what you do. And the problem is everything is put into this tit-for-tat equal battle and America is losing any sense of what's real, of who's accountable, of who is not accountable, of who's real, who isn't, who's serious, who isn't?"

http://www.realclearpolitics.com/vid...tea_party.html

How much of the Constitution is he asking them to violate?

1. Freedom of Press
2. Freedom of Speech

It is not a violation of freedom of speech if a news organization chooses not to cover a specific groups. I'm sure Fox news will cover the Tea party even if they performed lynchings in the middle of Times Square, so why do you care what the others one cover? You claim they don't report honestly anyway. It's funny how you guys blame so much on the media when you get your media from a channel you adore.

[longdawgview]

Though the tax rate for Americans earning a gross adjusted income of $1 million or more averaged 24.4 percent, up from 23.1 percent in 2008, that’s still lower than the 28.5 percent rate they paid in 2002 when President George W. Bush was in office.


That's it.... 24.4%, I'm really getting screwed as a middle class joe. The middle class always takes it up the rear. Long-term capital gains lowers the tax rate of these millionaires til where they're effective tax rate is as low the upper to middle ranges of the middle class. The tax rate for the wealthy (not the middle class) is the lowest in modern history. Who benefits the most from government? the wealthy

[T_Won]

It is not a violation of freedom of speech if a news organization chooses not to cover a specific groups. I'm sure Fox news will cover the Tea party even if they performed lynchings in the middle of Times Square, so why do you care what the others one cover? You claim they don't report honestly anyway. It's funny how you guys blame so much on the media when you get your media from a channel you adore.

I'm fine with that. But if they obey Kerry, they should make a disclaimer stating they are affiliated with and fully support the Democrat party and quit trying to pass themselves as being objective.

[mikedog]

Though the tax rate for Americans earning a gross adjusted income of $1 million or more averaged 24.4 percent, up from 23.1 percent in 2008, that’s still lower than the 28.5 percent rate they paid in 2002 when President George W. Bush was in office.


That's it.... 24.4%, I'm really getting screwed as a middle class joe. The middle class always takes it up the rear. Long-term capital gains lowers the tax rate of these millionaires til where they're effective tax rate is as low the upper to middle ranges of the middle class. The tax rate for the wealthy (not the middle class) is the lowest in modern history. Who benefits the most from government? the wealthy

You must accurately define who constitutes "the wealthy" in this country before making such generalizations. Are couples earning between $250-500K wealthy? They certainly are when compared to the average U.S. household income. However, I would submit that the $250-500K crowd carries the highest tax burden since their income is earned primarily as ordinary income--not investment income.

[mikedog]

Long-term capital gains lowers the tax rate of these millionaires til where they're effective tax rate is as low the upper to middle ranges of the middle class.

This statement is true. However, it highlights the deceit in Obama's tax hike message. Raising the tax rate on those earning more than $200K/250K in ordinary income really isn't going to touch the corporate jet owners--the Warren Buffett's of the world. Rather, it going to hit the 3.1 million hard working professionals and small business owners. The only way to

[longdawgview]

You must accurately define who constitutes "the wealthy" in this country before making such generalizations. Are couples earning between $250-500K wealthy? They certainly are when compared to the average U.S. household income. However, I would submit that the $250-500K crowd carries the highest tax burden since their income is earned primarily as ordinary income--not investment income.

I was referring to the article that you posted, million plus.

Even in the $250-500k crowd, there are tons of that earn there income from long-term capital gains. Business owners with shares in their own business issue a dividend instead of paying a salary. Yeah, there are doctors, lawyers, corporate execs but there are way more business owners in this range.

[stodgdog]

Agree. John Kerry is asking media not to cover what the Tea Party has to say because they are not legitimate. Let's see if they obey.

SEN. JOHN KERRY: "And I have to tell you, I say this to you politely. The media in America has a bigger responsibility than it's exercising today. The media has got to begin to not give equal time or equal balance to an absolutely absurd notion just because somebody asserts it or simply because somebody says something which everybody knows is not factual."

"It doesn't deserve the same credit as a legitimate idea about what you do. And the problem is everything is put into this tit-for-tat equal battle and America is losing any sense of what's real, of who's accountable, of who is not accountable, of who's real, who isn't, who's serious, who isn't?"

http://www.realclearpolitics.com/vid...tea_party.html

How much of the Constitution is he asking them to violate?

1. Freedom of Press
2. Freedom of Speech

If Mr. Kerry feels the media shouldn't report what someone says because it is not factual, they shouldn't report anything obama has to say.

[mikedog]

Business owners with shares in their own business issue a dividend instead of paying a salary. Yeah, there are doctors, lawyers, corporate execs but there are way more business owners in this range.

Wrong. Most closely held businesses are organized as either limited liability companies or S-corporations to take advantage of pass-through taxation. All distributions to the shareholders are taxed at the shareholder's marginal rate.

In very few instances will it be advantageous for a small business to organize as a C-corporation because the owners will be taxed twice. In a C-corp., the corporation pays tax on all corporate (business) income, then once a distribution is made to the shareholders, the individual shareholders pay income tax again on the dividends at the federal rate of 15.00%.