In 2025 you gotta be a $33 million millionaire to be a real millionaire

Millionaire Tim Walz makes his 90-year old mother feed herself from her Social Security check

 Speech.

 

 

USA overwhelms China for most millionaires and billionaires, but 13,500 wealthy Chicoms fled China in 2023

The U.S. is the top country for millionaires and billionaires :

The U.S. has rapidly overwhelmed China as the world’s top spot for millionaires and billionaires, according a new report.  

There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.

Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China’s. The U.S. is now home to 37% of the world’s millionaires, up from 35% in 2018.

The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China’s 2,352. The U.S. has about 788 billionaires to China’s 305.

“The USA remains the world’s undisputed leader in private wealth creation and accumulation,” according to the report.

Dominic Volek, group head of private clients at Henley, said the strict Covid lockdowns in China coupled with increases in its government intervention in the private sector have slowed the growth in wealth creation.

“China has certainly slowed a lot due to these elements and the U.S. has benefited,” he said.

The shift from China to the U.S. is also reflected in wealth migration patterns. A net 13,500 Chinese millionaires left China in 2023, marking a new record. The U.S. had a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to the Henley report.

The poor dears: Survey of millionaires says a third feel only middle class

 

Same as it ever was.

 

 

 

 

 

 

From the story:

Even among millionaires, only 8% would characterize themselves as wealthy these days.

Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults.

To that point, 31% consider themselves decidedly middle class.

DeSantis' average in the polling has dropped to 19.3% in July from 21.5% in June, 39.9% don't want Trump in July vs. 40.9% in June

 The GOP seems more determined to go down with their captain than they did a month ago, however so slightly.

Meanwhile many-mucho-mega-multi-millionaire Vivek Ramaswamy, age 37, born in Cincinnati in 1985, surges to third place.

The Casino is minting millionaires as we speak

When stock is high, they come between, 

Making by second hand their offers;

Then cunningly retire unseen,

With each a million in his coffers.

-- Jonathan Swift

Good a day as any to remember that Alan Greenspan in 2007 explicitly advocated for immigration to suppress the wages of skilled laborers

Greenspan: Let more skilled immigrants in :

"Our skilled wages are higher than anywhere in the world," he said. "If we open up a significant window for skilled workers, that would suppress the skilled-wage level and end the concentration of income."

Yeah, the problem isn't millionaires and billionaires concentrating wealth in their hands, it's the goddamn skilled laborers who must be stopped, the engineers, scientists, doctors and teachers, the crane operators, CDL truck drivers, machinists, drafters, plumbers, craftsmen, cooks and accountants.

 

Nincompoops from left (Newsweek) to right (Sean Hannity) keep calling this a great economy, but believe me, I once knew a great economy, a great economy was a friend of mine, and this is no great economy

You'd better be a millionaire by the time you're 50 because they're going to fire your sorry ass in the United States of Libertarianism.

Washington Examiner lists Pocahonky's identity lies, starting with, well, Pocahonky

Here:

It's common knowledge by now that Warren, one of the top four 2020 Democratic presidential contenders, identified as a Native American, despite being somewhere between 0.1% and 3% Native American . . ..

[T]he senator also fibbed when she promised to serve her full Senate term if reelected in 2018. Her 2020 presidential run began a few weeks after she won that election.

Warren has emphasized again and again that her children attended public schools. Her storyline here suffers from a material omission: Her kids also attended private schools. Perhaps this particular misdirection stems from the fact that she’s campaigning against the school choice programs . . ..

Warren’s brother told the Boston Globe, “My dad was never a janitor," and he said it makes him “furious” that Warren has repeatedly claimed otherwise on the campaign trail.

Warren must know that her own background, as a millionaire whose children attended private school, doesn’t fit easily with her soak-the-rich rhetoric.

Commentators often lump Warren's run in with that of Bernie Sanders. But Sanders's base comes from the young and the working class, while Warren's base is mostly highly educated baby boomers who surely feel a warm glow from the belief they are part of some populist uprising.

It's an outrage that Bernie Sanders himself has been sucked up in this evil proliferation of millionaires, just like Biden

Who will save us from this invisible hand making people rich all over the place?

Bernie makes millionaires safe for the world just as ancient citizen of Tarsus made Pharisaism safe for the world

It all depends on eliminating the cut with these people.

Next stop for beer-drinking Cherokee woman Elizabeth Warren: A visit to the hardware store "to get me a huntin' license"

Must be something in the water up there in Massachusetts that turns people into phony baloney plastic banana good time rock-n-rollas. Michael Dukakis in the tank, John Kerry goes a huntin', and now Elizabeth Warren cracks open a cold one in a New Year's Eve chat streamed live. Hm. Tongues are a-wagging. A drinking Indian, huh? Was it an India Pale Ale?

The article forgets to mention the incident involving John Kerry, who served in Vietnam.

 Cashman: Elizabeth Warren racks up another Dukakis moment :

With the beer vid — trying to sell herself as your average beer-swigging multimillionaire former Harvard Law prof who’s a champion of the middle class — Warren has racked up two strikes in short order. Three strikes and … it could be just Beto O’Rourke vs. Kamala Harris on the left side of the Democrats’ debate stage.

 

Estimated net worth of Democrats for president in 2016

Chafee $43 million

Clinton $21.5 million

Warren $6.69 million

Webb $4.6 million

Biden $600,000

Sanders $330,506

84% of rich people suffer from wealth-denial and self-identify as middle class

Stephen "I don't feel like a wealthy person" Schwarzman is worth about $10 billion

Reported here:

"Fully 44 percent described themselves as middle class, and 40 percent said they were upper middle class. Only 4 percent described themselves as wealthy or rich, and 5 percent described themselves as upper class. ... Studies show that more than three-quarters of today's millionaires made their money themselves and started out in the middle class or lower. Wealth experts say these self-made millionaires may still see themselves as having middle-class values of hard work, humility and family despite their increased wealth."

Scott Walker could be the middle class' punk: Gabba Gabba, we accept you, we accept you, one of us

From a story here:

In an age when most potential presidential contenders are millionaires, Walker may end up being the closest thing to a middle-class presidential candidate that voters will see in 2016.

For most of the 1990s, the son of a Baptist minister made less than $40,000 a year from his salary as a lawmaker. As recently as 2006, Walker was making about $70,000 a year and living in a two-bedroom house with an unfinished basement, in part because as Milwaukee County executive he was giving a chunk of his salary back to taxpayers. ...

"They're as common as an old shoe," said Betty Balsley, who got to know the Walker family while the now-governor's father was serving as a pastor in Plainfield, Iowa.

---------------------------------------------------------------------------------

Ramones, Pinhead, here

Single Investor Buys 650 Macomb County Michigan Tax Foreclosures For $4.8 Million

It was a package deal in which every tax delinquent property was sold to the investor, not just the nice ones.

Story with links here.

The buyer wasn't a Wall Street vulture, but now that he's got them he can certainly resell them.

I wonder if there's a fracking angle?

So, You Think You're A Millionaire, Huh?

Obama and Romney Defend Progressive Taxation, But It's an Attack on Property and Justice

So says John Chapman, here:

To prove the moral case for progressivity — that, in President Obama’s exact words, the rich should pay “their fair share”, it would have to be shown that the marginal utility of the last $100,000 of income for the millionaire was providing less satisfaction than the last $1,000 for the worker making $10,000 in income.

To say this colloquially, Messrs. Obama and Romney feel that the millionaire should feel as much pain from losing his last 10% of income — should bear as much burden from this loss — as does the worker who loses his last 10%.  President Obama and evidently Governor Romney both posit that this is not the case with flat-rate taxation; they believe that the loss of the last 10% is not equiproportional for both without progressive rates.  But there is of course no way to know that empirically, and indeed, there are sound reasons to think the opposite is true — that progressive taxation is “unfair” to the higher-income earners by taking an “unjust” amount of their property from them, that ultimately harms the economy as a whole. ...

For steep progressivity is, at root, an attack on both property and blindness in the application of law.  Marginal rates of taxation now approach 60% in states like New York, and “the rich”, rather than acquiesce to Mr. Obama’s concept of paying their “fair share”, are simply vacating the state and/or ceasing in the taxable production of goods and services: chronic deficits leading to fiscal collapse then appear on the horizon in such cases.  Greece is a current exemplar of the extreme end to which this situation leads, and no amount of moralizing about “fairness” is relevant on the streets of Athens today.

Warren Buffett's 2010 Tax Bill Was $6.9 Million. Was That 'At Least As Much As His Secretary's'?

The details of Warren Buffett's taxes for 2010 were only partially revealed last August and became the subject of critical examination, as for example here:

Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more. ... [But t]he current tax system already satisfies the Buffett Rule. Americans on average pay 16% of their total income in federal income and payroll taxes, while millionaires pay an average of 20.1%, according to the Tax Policy Center.

The Tax Policy Center is a generally more liberal think tank than The Tax Foundation.

The president's statement in last night's State of the Union deliberately suggests Buffett's secretary paid more in taxes than Buffett did when you know that that is completely disingenuous as well as inconceivable:

Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.

Common nonsense.

Senate Democrat Millionaire Tax Would Pay Less Than 10 Percent of Jobs Bill Cost

In the first year. The Democrat trick is to levy the tax over ten years to pay for a spending bill this year, and to rely on data which is suspect.

So one would have to infer from an AP story here, but you have to do the math:

About 392,000 households would get hit by the Senate Democrats' proposed 5.6 percent tax on income above $1 million, according to an analysis by the Tax Policy Center, a Washington think tank. In 2013, the first year the tax would take effect, those households would see their taxes increase by an average of $110,500, according to the analysis.

The latter figure extracted from that many households comes to just $43 billion, $404 billion short after the money has already been spent.

Socialsecurity.gov reports here, however, that fewer than 80,000 individuals had net compensation in excess of $1 million in 2009, collecting in the aggregate $184 billion. Taxing each and every dollar of that amount, not just the adjusted gross income over $1 million as the Democrats propose to do, would net just $10.3 billion.

The Tax Foundation here has a much more conservative estimate of the numbers than The Tax Policy Center. It says that for 2009 there were just 230,323 tax returns reporting adjusted gross incomes in excess of $1 million, and just 8,148 reporting $10 million or more. (Adjusted gross income captures more than just wage compensation). It calculates that the 5.6 percent millionaires' surcharge all by itself would take an extra almost $45,000 in new taxes from the median filer in this group. That also comes to $10.3 billion in new revenues annually if that median filer is typical of millionaires.

Even over ten years for a one year jobs program Obama needs to get re-elected next year, either the rest of us will be paying the $344 billion the scheme is short, or it just gets added to the deficit, crowding out other spending.

The fact of the matter is, taxing the AGI of everyone in the top half of the country with an extra 5.6 percent surcharge still would not pay for Obama's one time $447 billion jobs spending bill.

That doesn't make any sense!