Millionaire tax! America only for now, so the rest of you millionaires in other coutries are safe!!!

[Ail]

mrstickball said:

Ail said:

1) First you need to stop equating business owners with people making over a million $ income a year. That's not the case.

The majority of the people that make that kind of income make it out of the stock of market( the rest are NFL players or actors...) and these days the correlation between stocks raising or going down and jobs being created just isn't there.  There's plenty of hedge funds out there with a minimal entrance investment of 1 million$ and the return those hedge funds provide has little to do with creating business or jobs too but more about making bets on gold or oil future  or on when Greece is going to default..

2) Small business owners do not make that kind of annual income and big business are ruled by a board and these days lets face it investors have very little say in how they are run  especially as the huge majority of companies that are publicly traded are majority owned by mutual funds and hedge funds, not single owners... You can own 200 million$ worth of Ford stock or 1 billion$ of Apple stock, those companies still will not listen to what you have to say so any impact on your revenue or taxes will not affect them...

3) It's kind of funny to see that the only one out there arguing raising tax on people with that kind of income will slow the economy are not people member of the targeted group. And wisely so, when you make that kind of annual income, one can expect that you do not spend 100% of it every year so an increase in tax level is not going to drastically affect your behavior, what you invest in or what you spend... Heck, a 5% drop of the stock market will have more impact on you than raising your tax level by 5%...

You are very wrong about your arguments:

1) http://www.freemoneyfinance.com/2007/01/facts_about_mil.html

25% got their money from stocks or investments. 58% got theirs from their job or business they own.

2) http://smallbusiness.chron.com/average-income-small-business-owners-5189.html

The average small business owner with 10 years experience made an average of $105,000 last year. All data points from that survey suggest that small business owners are above median income in America.

3) What do rich people do with their money that is not spent? They invest it. What do they invest it in? New businesses, loans, ect. Their money is what is used for creating jobs of many kinds.

You may want to listen to Peter Schiff in regards to job creation and growth: http://www.youtube.com/watch?v=FLmD9TeUC54

2) Last I checked 105,000$ was still quite off the one million mark targeted right now...

3) Not every investment creates jobs. The number one investment favored by rich people is hedge funds and those do a lot of things that have nothing to do with jobs creation ( betting against Greece defaulting, against oil futures, the mortgage market collapsing or shorting stocks...). As of 1 year ago there was 1.3 trillion $ under management by hedge funds and that number keep raising...