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Where did all the millionaires go?

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June 02, 2009 – Comments (5)

I don't remember where I saw it, but some economist was arguing that increasing taxes doesn't work as wealthy just move away and cited some data about the level of decline of tax revenue from millionaires to "prove" the point.  I looked at the proof and my immediate thought was what dumb proof, he hasn't shown that millionaires didn't just disappear because they aren't millionaires anymore.

Well, the wealth report has shown some data that the tax bracket below millionaire's grew as much as the millionaires shrank.

5 Comments – Post Your Own

#1) On June 02, 2009 at 12:51 AM, Option1307 (29.67) wrote:

You might be refering to the WSJ's article a few dys ago about Maryland, maybe not. TMFBent posted a few days ago discussing the potentially flawed reporting. Interesting nonetheles.

See here...

And here...

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#2) On June 02, 2009 at 3:53 AM, AdirondackFund (< 20) wrote:

I can only report my own case as an example, but I left NYC 4 years ago, stopped working, sold the house and Coops and last year reported something like $2,500 in total income.  I'm not sure the IRS is buying it since normally when I was working I would do something like 12 MIllion a month.  Here's the deal.  If it's not interesting, I'd just rather go do something else.  Right now I am working dilligently on my fly fishing skills.  Get it?

I remember when I first started it was different.  I was excited to learn everything.  I also remember others leaving at the time and moving on to do other things in their life.  It seemed natural to me.  But it was 1976 and the 70's sucked, Disco included.  It was a wonderful time, but for many it was time to leave.  Then the 80's arrived and my first question when all the nerdy MBA's showed up was "who the hell does this guy think he is?" 

Did I ever tell you the story about the guy who blew up Peck Slip Station because he was getting creamed on his options?  It closed the exchange for the day, and his puts did just fine the next day.   That's what the 70's were like.  We're about to see the same shenanigans resurface, times being what they were back then.  There was also this guy in the Oil markets who was routinely blowing up barges in Elizabeth, NJ.  That was fun and did have a great effect in raising Oil Prices during that fiasco.

Then there was Boesky and Mike Milken.  I think they both went to jail too.  Markets bring out the best and worst in people.  Believe it or not, we've already seen the best.  The worst is yet to come.        

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#3) On June 02, 2009 at 4:55 PM, angusthermopylae (39.08) wrote:

There was also this guy in the Oil markets who was routinely blowing up barges in Elizabeth, NJ.

So....he was trying to be the "invisible hand of the market"?

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#4) On June 03, 2009 at 10:13 AM, AdirondackFund (< 20) wrote:

No, he was being a criminal, got caught, and went to jail.  It was a Mafia group that was doing this. 

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#5) On June 03, 2009 at 2:26 PM, angusthermopylae (39.08) wrote:

That was a joke, son.

And to keep it going:  Oh, you mean he was trying to be that hand.

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