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Hi, I'm one of those evil Millionaires who are living lavish lives and not paying their fair share.
The government says I'm responsible for a low minimum wage, people without homes and high health care costs.
Obama says we are RICH!!!!
Just because you don't spend the money you have does not negate the fact that you have far more than most people. And nothing you say tells me you're not responsible for low minimum wage, etc. So there, BEATCH!
It's not people with $1,000,000 in the bank...it's people making $1,000,000/yr who fall into that whole 1% thing. And the issues are numerous with a widening income gap, this is a fact. The wider the gap between rich and poor gets, the worse off an economy is. I am NOT a Socialist or even a Democrat, but this is simply a fact of economics.
Now if you do make $1,000,000/yr, your entire post is absolute nonsense. So either way, your post is nonsense.
Um, there's the whole idea of the growth of the assets that you're completely ignoring. Unless that $1 Million is sitting in cash, it'll grow. Even at just 3%, the $850,000 will provide you with PLENTY of room. In fact, the ACTUAL monthly money he gets is $3,508.60. That's $42,000 a year, about $14,000 more than your quoted amount. If taking just $2,361/mo with the account earning just 3%, you still have more than $650,000 left over after 30 years. At 5.5%, the money would actually DOUBLE in 30 years. The monthly income at that rate is actually over $4,600...
Great point, that's one of the holes in the OP's post, lack of accounting for the time value of money. Also, people with pensions would have otherwise had/required that sort of lump sum to fund their pension/annuity. Now that the responsibility has been foisted upon each individual, we will see many people with "large" 401K balances which wouldn't have existed in the pension era. The problem is those people who expected to be covered by pension but have been left to their own devices and been unable to save.
Of course I have investments, what choice do I have? If I buy gas for my car, that means I can't be critical of the oil industry? The only way for me to have integrity in my complaints against big oil is to give up my car and walk everywhere, and if I don't I'm a hypocrite, is that what you are saying? Again, what choice do most of us really have? If I have stocks, not only can I still criticize Wall Street, as a customer I have more of an obligation to look at their overall practices and speak out against wrongdoing.
That is unless you have a Prius or Leaf. The Leaf is a joke car and the Prius just makes you the butt of jokes. I think Chevrolet and Ford have electric cars too but they aren't as talked about as the Prius and the Leaf.
As for the actual post, it's the 1% who make a million a year, not those who have a million in the bank. Nice strawman troll argument post to a thread you started OP.
Economics? No, this thread should have been posted in the Political Douchebag forum.
Exactly. I'm not a big fan of the prez so I haven't spent much time listening to his speeches lately but it doesn't take a rocket scientist to figure out that he's not talking about folks who are worth a million bucks. Using this inflation calculator, ( Inflation Calculator 2014 ) It's easy to see that a million dollars today wouldn't have been worth nearly as much in 1990....and even less in 1980
A million dollars today would have been worth $552,000 in 1990
A million dollars today would have been worth $348,000 in 1980
Get over yourself OP, we need people like the Koch brothers and the Waltons (Sam's heirs not that tv family) to pony up their fair share. We don't need any more money from you......I'd hate to see you have to switch to Lee jeans......or worse, Rustlers.
I don't think the OP is one of those 'evil millionaires' by any stretch of the imagination. In fact I don't even think they are considered a millionaire by the definition I am familiar with. They're certainly not in the 1%.
Regardless I agree with the sentiment here that it really is only that fractional top % that fit the idea of lavish lifestyles. Before that top ~.1%, the people approaching the top couple % into that top 1% make a lot but also pay a lot in taxes and often carry a lot of the burden. No doubt you live a comfortable life in that top 3% range, but they definitely pay their fair share and most don't live lavishly.
Not all millionaires pay absurd amounts in taxes. It really depends on how high their earned income is. There are people who have a million or two who earned good, but not fabulous, incomes, so their taxes aren't necessarily in one of the top brackets.
True-but they certainly pay their fair share-or did at some point. I would not want to be in their position honestly.
"In-betweeners"-those that are "well off" but don't have the government/corporate connections or enough money to buy elections and bribe people full time- are being bled dry to cover the bulk of our tax bill-they cover those at the bottom and those few at the very top.
Unless this OP has Millions and Millions offshore in accounts in The Cayman Islands and uses his money to buy elections and destroy our Democratic process I don't think anyone cares about his money.
I know everyone wants to think they are wealthy and part of the 0.1% but this thread just shows how completely off base most people are as to how much is actually needed.
My point is I don't think the OP should pay a penny more in taxes-in fact I bet he pays way too much as it is, just like 99.9% of people.
It's not people with $1,000,000 in the bank...it's people making $1,000,000/yr who fall into that whole 1% thing. And the issues are numerous with a widening income gap, this is a fact. The wider the gap between rich and poor gets, the worse off an economy is. I am NOT a Socialist or even a Democrat, but this is simply a fact of economics.
Now if you do make $1,000,000/yr, your entire post is absolute nonsense. So either way, your post is nonsense.
Um, there's the whole idea of the growth of the assets that you're completely ignoring. Unless that $1 Million is sitting in cash, it'll grow. Even at just 3%, the $850,000 will provide you with PLENTY of room. In fact, the ACTUAL monthly money he gets is $3,508.60. That's $42,000 a year, about $14,000 more than your quoted amount. If taking just $2,361/mo with the account earning just 3%, you still have more than $650,000 left over after 30 years. At 5.5%, the money would actually DOUBLE in 30 years. The monthly income at that rate is actually over $4,600...
If your gross income is $1,000,000/yr, then we are talking about rich, they can involve you into their political games.
Net worth $1 million is dime a dozen in big cities like New York, California and many other populated states. However, if you live in the middle of no where, like Utah, New Mexico or Alabama, then you probably can feel special.
Like others have said, a million dollars isn't much anymore, although it is still a great accomplishment.
OP, keep living frugally. It's the reason you have so much saved up. I take it you are using a 2% withdrawl rate and that is why your monthly income in retirement is so low? Without social security, you won't be living lavishly, but you will at least have enough to pay property taxes and basic living expenses.
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