So much for raising the taxes on the rich.

[Biggsly]

I love how this country used to be proud of people making a successful life for themselves. Now they are called greedy and not paying their fair share.

Only by the left. They want to tax the rich until there is no more rich. Of coarse, they will exempt themselves and their money.

 

[tRidiot]

It's convenient that the article chose to start in 2007(the peak of the bubble on wall street) and end in 2009(the worst of the recession and stock market lows).
Cherry picking numbers to make a misleading case indeed.
It's also telling that they chose to use AGI instead of net worth which is the standard definition.
The Koch brothers got their money's worth out of this tilted story for sure.


Here is an article from the WSJ 2 months ago.

U.S. Has Record Number of Millionaires

If further proof were needed of the two-speed recovery–the rich and the rest–now comes news that America has a record number of millionaires.

According to the annual World Wealth Report from Merill Lynch and Capgemini, the U.S. had 3.1 million millionaires in 2010, up from 2.86 million in 2009. The latest figure tops the pre-crisis peak of three million.

Merrill and Capgemini define millionaires as individuals with $1 million or more in investible assets, not including primary home, collectibles, consumables and consumer durables.

The wealth held by these millionaires also hit a record. North American millionaires had a combined wealth of $11.6 trillion, up from $10.7 trillion in 2009.

The number of Americans with $30 million is still slightly below the pre-crisis peak. In 2010 there were 40,000 North Americans with $30 million or more, up from 36,000 in 2009.

Why are millionaires doing so much better than everyone else? Financial markets. Remember, the rich depend on financial markets (which have rebounded) while the rest of America depends on jobs and homes for wealth–both of which remain in a slump. According to the report, global equity markets rose 18% in 2010. Since the wealthy have a larger share of their fortunes in stocks, they would have benefited most.

http://blogs.wsj.com/wealth/2011/06/22/u-s-has-record-number-of-millionaires/

Your article is talking about net worth, which by and large isn't a taxable asset unless it's sold off, whereas the original article was talking about annual income.

 

[RickN]

Your article is talking about net worth, which by and large isn't a taxable asset unless it's sold off, whereas the original article was talking about annual income.

Exactly.

Hobbes before you buy into anymore Lee Fang crapola on the Koch brothers, you should know that almost everything said about them in those hit pieces is either wrong or a flat out lie. They were used to whip up the left by a kid working for George Soros that should not even be allowed in the same room with real journalist, then picked up by left wing news sites.

 

[MLR]

If being rich is so evil why not just cut the crap and jail them all? Make it a crime to be rich.

Michael

 

[grizzly97]

If being rich is so evil why not just cut the crap and jail them all? Make it a crime to be rich.

Michael

LMAO! I love your direct approach!

 

[RickN]

In truth the liberals have nothing against the rich and depend on some of them greatly. They just use them to whip up their base.

 

[tRidiot]

In truth the liberals have nothing against the rich and depend on some of them greatly. They just use them to whip up their base.

The rich pay the bills, the poor and entitled provide the votes.

 

[RickN]

The rich pay the bills, the poor and entitled provide the votes.

True but if they do not pander to their base by blaming the rich it could cost them some support.