No, this isn't a recession, it is a full on depression.
President Obama, claiming his election "majority" was a vindication of his fiscal policy, held firm Friday to his intention to include tax hikes for America's top earners in any negotiations with Congress to pull the nation back from the so-called "fiscal cliff." The president, in his first remarks from Washington since winning a second term, urged officials to "get to work" on the issue as he invited congressional leaders to the White House next week. He said he's open to "compromise," but did not appear to budge on what has been a central disagreement over the last two years -- whether to extend the Bush-era tax rates for everyone, or to let them lapse for households making more than $250,000. "I refuse to accept any approach that isn't balanced," Obama said Friday, without explicitly mentioning the Bush tax rates. "This was a central question during the election ... and on Tuesday night, we found out that a majority of Americans agree with my approach." "Our job now is to get a majority in Congress to reflect the will of the American people." Read more: www.foxnews.com...
Originally posted by Crakeur
and what of the people who live in a high tax state, such as NY. I'm paying a higher rate than you on my family income and I'm tagged with an additional 11.5% for the state and city. All told, roughly half goes out the window.
So, for a dual income family in NYC, earning $400,000, 51.1% goes to income tax and 7.65% of the first $100k (roughly) goes to Social Security and Medicare.
According to the annual World Wealth Report from Merill Lynch and Capgemini, the U.S. had 3.1 million millionaires in 2010, up from 2.86 million in 2009. The latest figure tops the pre-crisis peak of three million.
Merrill and Capgemini define millionaires as individuals with $1 million or more in investible assets, not including primary home, collectibles, consumables and consumer durables.
The wealth held by these millionaires also hit a record. North American millionaires had a combined wealth of $11.6 trillion, up from $10.7 trillion in 2009.