Observations on life

Millionaires in America. Could this be the mysterious “rich” “wealthy” who will pay for M4A, free college and save Social Security?

Probably not.

When it comes to fair share, do we expect 6% of Americans to carry the social burden?

Notice the definition does not relate to income. The fact is prudent savers and investors who are upper middle class can accumulate $1 million over a lifetime.

Only 5.8% of the country, or about 7.2 million households, qualify as actual millionaires. To reach that bar, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

Source: Millionaires in America: All 50 States Ranked

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3 replies »

  1. Today, with the low income tax rates, 80% of taxpayers are not paying their fair share. You can look at the numbers the top 20% pay 87% of income taxes. I remember paying a 17%
    tax rate in 1980 on $8,500 and living better than I did last year on $20,000 paying zero income taxes. What does the left want, for the top 20% to pay 100% and 100% of any future tax increases. Most the people who post here know that even if tax rates were to go up to 60% it would not be enough to pay for all the freebies that politicians want to hand out. It is not the government’s job to make our live better, that is our job. But, with all the lies from the politicians and MSM, no wonder people still think someone stole money from Social Security, the President controls the amount of COLA we receive or healthcare and college should be free. CRAZY is rampant in DC and most state governments.

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  2. I’m always suspicious of how financial publications come up with their data on who is and who is not a millionaire. If you are talking about income, the data is pretty straight forward as income reported to the IRS. But when it comes to assets, who really knows who owns what and how much. Curiously, this article reports that many of the high millionaire states are also the states with the highest taxes and highest real estate values. On one hand, the article talks about millionaires (a singular entity) but then measures households which leads me to believe that they are extrapolating data from tax rolls. The only true measure of a millionaire is a personal balance sheet adding all assets and subtracting all debt. By not including real estate holdings which may be negative assets especially in high real estate value states due to mortgages, the data is skewed toward a higher rate of millionaires. I’d give the article 3 Pinnochios.

    I get the point of your post. “When it comes to fair share, do we expect 6% of Americans to carry the social burden?” The answer you will get from the Bernie Sanders crowd is a resounding YES!

    Liked by 1 person

    • The answer of who is a millionaire is determined by investment brokers who want to get a hold of your money. They may make you believe that you are rich because of real assets and cash or by making you believe that your assets such as your mortgaged house, boat that you owe money on, the fancy car and the mortgage payments that go with it, make you rich.

      The politicians believe that there are as many millionaires as the investment bankers are chasing. But the only way to get tax money is to tax the house that you can’t afford or other luxury taxes.

      Even if a retiree saves a million dollars in a 401K, the reality is that the politicians still cannot fund their pipe dreams when a smart retiree only withdraws 4% a year. Income taxes on $40k will not fund everything and the number of people who actually earn $1m per year is not as great and the number of paper millionaires. But the politicians like to cause class warfare to get someone else to pay and Wall Street bankers are only helping them in that war.

      Someday I would like to see a study done on a family of four making about $40k and how much purchasing power they have due to all the government programs and tax credits vs the 401K millionaires who have to pay full freight on everything.

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