[PVaQlNaP]

Awesome! Obamanomics are designed to get rid of 'the rich'. This shows it's working very well.

http://campaign2012.washingtonexamin...lionaires-gone

Where have all the millionaires gone?

by Barbara Hollingsworth Local Opinion Editor

Newsalert has posted a chart from a Wall Street Journal blog titled “Recession and the Rich.” The chart, based on 2009 IRS figures, shows that the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent.

The carnage wasn’t confined to millionaires. The number of taxpayers earning over $200,000 per year also decreased by 612,000 – or 13 percent.

If you are tempted to join Sen. Frank Lautenberg, D-N.J., in a bit of schadenfreude over the fact that nearly four in ten millionaires disappeared in two years, don't be. The chart also shows how the loss of these top income earners adversely affected the federal government’s bottom line.

In 2007, those making above $200,000 (but less than $1 million) paid $610 billion in federal income taxes. In 2009, it was only $434 billion – leading to a 29 percent decrease in government revenue.

Same for the 408,394 millionaires who paid $420 billion in taxes in 2007. Just two years later, their numbers had been dramatically reduced, and the revenue the U.S. government collected from them likewise decreased to $232 billion.

Since the top 5 percent of taxpayers paid 58.7 percent of all federal income taxes in 2008, the vanishing of millionaires is bad news for everybody.

[Rategbee]

Between 2007 and 2009, huh? Right at the start of the recession and right after the big fall off the cliff (thank you, investment bankers).

The biggest decline in profits for those millionaires, according to the SOI report were in the, OH!, in the financial and insurance sectors. (Bolded to make sure you understand.) Until the government BAILED THEM OUT.

Gee. I wonder how many of those millionaires have recovered four or five years later? What do you think, Brad?

Forgive me, I forgot for a moment that your ilk doesn't think, Brad. You ingest and puke what your Dear Leaders, the GOP shills, deign to share with you. I know I'm snarky, but I'm really pissed off at Eric Cantor today. You know, for wanting to play politics with the very real lives of very real Americans, once again.

Anyhoo...

Whose profits actually rose during that period? Those in the auto repair, laundry and other service industries. The construction industry took a big hit, though.

http://www.irs.gov/pub/irs-soi/11spsumbulspreturns.pdf

[cQT6nmEc]

Between 2007 and 2009, huh? Right at the start of the recession and right after the big fall off the cliff

Interestingly, I seem to recall that Obama wasn't the President for most of this period.

[Senasivar]

"Fear of a Black Planet:" Just the notion of him coming into office created a panic.

[Catalogov]

Not to mention the growing wealth of the top 1%, less people have more money, it's that simple.

[dolaBeetCeage]

At the high end of the earnings spectrum, most income is capital gains income earned from either real estate or stock transactions. Let's see, how'd the stock market and housing market do in 2007-2009? Oh, right, they both crashed.

So this data is basically saying that during the housing and stock market crashes that capped the Bush administration's disastrous economic cycle, everyone's investments took a beating.

Is some part of that news to anyone?