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Old 03-17-2011, 07:23 AM
 
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Last tax year was the only year a relative could give another relative money without tax . My older relatives gave me money I would have got from their wills.
I am sure millionaires did this . So its not money they made , its money the got as gifts.
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Old 03-17-2011, 07:23 AM
 
Location: Miami, FL
58,520 posts, read 31,917,431 times
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Quote:
Originally Posted by pghquest View Post
I also want to know how much of this "wealth" was tied up in homes that devalued to ridiculously low values and then rebounded to something a little more nomral.
Housing has re-bounded? Not down here is has not. As a matter of fact a lot of people have negative wealth on their homes. I think it will rebound soon though. Give it a few more years.
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Old 03-17-2011, 07:24 AM
 
Location: Londonderry, NH
41,505 posts, read 49,604,613 times
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A million bucks of net worth sounds pretty darn wealthy to me. Five million is win the lottery level.

IMHO Creating 600k new millionaires while working wage earners face frozen incomes and possible job losses to foreign contractors actually illustrate the failure of our economic policy not the success. A successful economic policy would have the poor employed in productive jobs and the middle class expanding into the previously exclusive wealthy segments.

Our system has not changed from the late 1800's; those with a lot get a lot more while those with little lose it all. Bush's Have and Have Mores’ won again.
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Old 03-17-2011, 07:27 AM
 
4,182 posts, read 5,662,912 times
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Quote:
Originally Posted by lifelongMOgal View Post
A million US dollars doesn't mean what it used to. The US dollar hit an all time low today against the Japanese Yen. Frankly $ 1 million is still belonging to the middle class. I think realistically anyone under a net worth of $5 million is still in the middle class.
Since only 5% of US households have at least $1 million in liquid net worth, I have to disagree. Middle class by definition is dead center.....right at the median. And that would mean a net worth of about $80K. If you have that much net worth, you are at the median. You are middle class. Half of American households are richer than you, and half are poorer. If you have $1 million, you can't be middle class since 95% of households are poorer than you. It's basic math.
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Old 03-17-2011, 07:28 AM
 
Location: Miami, FL
58,520 posts, read 31,917,431 times
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Quote:
Originally Posted by alphamale View Post
Because he dumped 2 TRILLION DOLLARS into the economy. Mostly on Wall Street. It had to go somewhere.

That money didn't filter down to Main Street, as the unemployment rate is still at 9%.
Actually, a fairly good chunk of it came in form of tax breaks. It was the largest tax break/cut in US history as a matter of fact.
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Old 03-17-2011, 07:28 AM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 13,042,900 times
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Quote:
Originally Posted by Time2Travel View Post
Ironic that the American left is constantly complaining about the "evil rich" yet Obama is supposedly now responsible for making more millionaires.

They have to find at least one good thing to say about the failure in chief.

Hold on, the next thread will be how the hypocrites hate the rich and they should be taxed even more.

Most smart successful millionaires surely do not need Obama the financial disaster helping them to make money. They became wealthy for a reason and it has nothing to do with Obama.

If anything they were able to move their money around so the spend a buck Obama does not steal it from them and hand it to welfare types.

On the other hand.

That dang Bush, he had more new millionaires in his first four years then Obama. Bush created more billionaires then Obama also. Even Oprah became a billionaire during the Bush WH.

He must have been so darn good to have created so many millionaires and billionaires because of his wise financial moves.

Bush beats Obama once again.

Thanks for reminding us just how damn good Bush was.
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Old 03-17-2011, 07:33 AM
 
Location: Miami, FL
58,520 posts, read 31,917,431 times
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Quote:
Originally Posted by ndfmnlf View Post
Since only 5% of US households have at least $1 million in liquid net worth, I have to disagree. Middle class by definition is dead center.....right at the median. And that would mean a net worth of about $80K. If you have that much net worth, you are at the median. You are middle class. Half of American households are richer than you, and half are poorer. If you have $1 million, you can't be middle class since 95% of households are poorer than you. It's basic math.
Right. I think the fact that only 36.2 million Americans have reached the 100K level says a lot about where the middle class is. Vast majority are below the 100K mark. If you have 1 million, then you are definetly considered wealthy, let alone 5 million.
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Old 03-17-2011, 07:33 AM
 
Location: Great State of Texas
86,093 posts, read 69,949,006 times
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Quote:
Originally Posted by Finn_Jarber View Post
NEW YORK (CNNMoney) -- What recession? The millionaire population jumped in the U.S. by 8% last year, fueled by the stock market recovery, according to an industry report on Wednesday.

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 million the prior year, according to a report by Spectrem Group.

Last year marked the second consecutive year of increases, the group said, following a 16% surge in the millionaire population in 2009

U.S. millionaires population expanded by 8% in 2010 - Mar. 16, 2011

In the prior year of 2008, the millionaire population plunged 27%.

The group said the number of "ultra high net worth" households, with a net worth of at least $5 million, jumped 8% in 2010 to 1.06 million, compared to 980,000 the prior year.

The broader affluent population, meaning households with a net worth of $500,000 or more, also grew in 2010. This population rose by 6% to 13.5 million in 2010, compared to 12.7 million the year before.

Households worth at least $100,000 also grew last year, to 36.2 million from 34.6 million.
See..the President and Congress do care about the "working man".
Their policies and that of the Fed enabled more common folks to become millionaires. Why such the angst..OUR government put policies and liquidity in place to allow this.

The Dems should be dancing in the streets..see what a Dem Congress and a Dem President can accomplish..more wealth to people.
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Old 03-17-2011, 07:34 AM
 
Location: Miami, FL
58,520 posts, read 31,917,431 times
Reputation: 9413
Quote:
Originally Posted by Sunny-Days90 View Post
They have to find at least one good thing to say about the failure in chief.

Hold on, the next thread will be how the hypocrites hate the rich and they should be taxed even more.

Most smart successful millionaires surely do not need Obama the financial disaster helping them to make money. They became wealthy for a reason and it has nothing to do with Obama.

If anything they were able to move their money around so the spend a buck Obama does not steal it from them and hand it to welfare types.

On the other hand.

That dang Bush, he had more new millionaires in his first four years then Obama. Bush created more billionaires then Obama also. Even Oprah became a billionaire during the Bush WH.

He must have been so darn good to have created so many millionaires and billionaires because of his wise financial moves.

Bush beats Obama once again.

Thanks for reminding us just how damn good Bush was.
Is everything about Obama and Bush for you? Does your life revolve around who the president is?
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Old 03-17-2011, 07:40 AM
 
Location: Miami, FL
58,520 posts, read 31,917,431 times
Reputation: 9413
You think the Congress did special favors for these people? No, they just seized the opportunities the situation presented. Millionaeres are minted at times like these. If you ran to the gun store or the canned food store to buy disaster supplies intead of running to the bank to make investments, then you threw away the opportunity of a life time.

The Congress helped everyone, not just the rich, by jump starting the economy and Wall Street.

You can still make moves, while the interest rates are low and houses dirt cheap, but people seem more comfortable to just sit at home and complain about everything as opposed to making moves.
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