Millionaries Disappearing Along with Revenues

Obama's attack on the wealthy is no accident - it's about class warfare, it's about dividing the country for political gain. It's about causing chaos and where this confusion among the people they become easier to control with misinformation and out right lies.

Fortunately for the country, a large and ever growing number of citizens have become aware of this deception and are fighting back. All anyone has to do to see the results of this is the elections in Wisconsin last November and the riots that followed at the capital.

Again, the people see the catastrophic disaster that is coming our way brought on by the Obama administration. The people see this calamity as another Katrina, but this time the entire country with be involved. As you will remember, New Orleans was governed by progressive liberal Democrats for more than 60 years, and as a result New Orleans was not prepared to defend itself. The governor and the city mayor both knew what to do, they did nothing to stop the disaster.

Now the entire country is under assault from the liberal progressive Democrats and we are being stripped our defenses.

Millionaires Go Missing
Source: "Millionaires Go Missing," Wall Street Journal, August 17, 2011.

In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes. In 2009, there were only 237,000 such filers, a decline of 39 percent. Almost 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, says the Wall Street Journal.

Those with $10 million or more in reported income fell to 8,274 from 18,394 in 2007, a 55 percent drop. As a result, their tax payments tanked by 51 percent.

These disappearing millionaires go a long way toward explaining why federal tax revenues have sunk to 15 percent of gross domestic product (GDP) in recent years. The loss of millionaires accounts for at least $130 billion of the higher federal budget deficit in 2009.

But the millionaires who are left still pay a mountain of tax.

Those who make $1 million accounted for about 0.2 percent of all tax returns but paid 20.4 percent of income taxes in 2009.

Those with adjusted gross income above $200,000 a year were just under 3 percent of tax filers but paid 50.1 percent of the $866 billion in total personal income taxes.

Before the recession, the $200,000 income group paid 54.5 percent of the income tax. This means the top 3 percent paid more than the bottom 97 percent, yet the 3 percent are the people that President Obama claims don't pay their fair share.