here’s a talking point amongst themselves

The cost of taxing the rich has become the central debate in the “fiscal cliff” talks.

But the costs of not getting a deal might be even worse for the country – including the wealthy, according to a new study.

The population of millionaires in the United States would fall by 315,000, or 6 percent
, next year if the country goes over the fiscal cliff and the economy goes into recession as a result, according to a new study from WealthInsight. The total fortunes of millionaires would fall by $240 billion if the cliff’s combination of tax cuts and automatic reductions in government-spending were to take effect.

If the United States can solve the cliff deal and chalk up 2 percent growth next year, the number of millionaires would grow by 230,000, and their combined fortunes would soar to by over $1 trillion…

11 Comments!

  1. DougM (Well, thaaat sucked!)
    Posted December 8, 2012 at 9:29 pm |

    You can soak the rich this year,
    but you cannot soak the formerly rich for as much next year.

  2. mojo
    Posted December 8, 2012 at 9:33 pm |

    Screw income tax, most of the truly, obscenely wealthy (like, say, Warren Buffet or Bill Gates) don’t have much “income” per se, they get $1.00 a year and stock options.

    Wealth Tax – 1.5 percent of your net worth, year-by-year.

    Most folks would come out better off, mega-rich would take it in the shorts, which is why it won’t happen.

  3. Lord of the Fleas
    Posted December 8, 2012 at 9:49 pm |

    Also, Doug, you can’t even soak the still rich if they’ve decided to bugger off to friendlier locales. And the very rich have the resources to do just that.

  4. Freddie Sykes
    Posted December 8, 2012 at 9:55 pm |

    If Boehner would do this, I would seriously consider registering Republican:

    1: Past a clean bill extending the Bush cuts and send it to the Senate.

    2: Promise to bring a clean bill up for a vote in 2013 extending the Bush cuts retroactive to 1/1/2013 and send it to the Senate.

    Let Obama deal with the rage when people the affect Bush tax cuts have on their paychecks after the lowest marginal tax rate rise from 10% to 15% while various deductions are cut.

    You cannot negotiate with Obama so just do what you think is right and let the chips fall where they may.

  5. Freddie Sykes
    Posted December 8, 2012 at 10:07 pm |

    FYI: if the House passes an extension then the negotiations would be on hold until the Senate passed it owns bill and the two bills would have to be reconciled in joint committee. How else can you negotiate with the Senate when they refuse to go on the record wrt to their position?

  6. Jess
    Posted December 9, 2012 at 7:29 am |

    All the wealth in the universe will never pay the bill accrued by those unwilling to control how they spend.

    When all the spending is guaranteed to be without waste, then I may be willing to examine taxes. Until that happens, my suggestion is cutting taxes until only one person remains in government and is willing to talk about necessity.

  7. geezerette
    Posted December 9, 2012 at 8:13 am |

    Well than what the hell they waiting for??? Go for it. Won’t bother me none. I ain’t rich!! What the hell do they need all that$$ for. This doesn’t include the rich Democrats does it?There aren’t any?? Only Republicans are rich??? Well all righty than.

  8. Steve Skubinna
    Posted December 9, 2012 at 3:28 pm |

    Fewer wealthy? That’s a feature, not a bug.

  9. JoeBandMember™
    Posted December 9, 2012 at 4:21 pm |

    In reality, The DalaiBama wants to raise taxes on everybody.
    Also, in reality, even that astronomical number cannot put much of a dent at all in the National Debt.

    The fraudulent bastard also knows that NO MATTER what it comes out to be, the Democratically pimped so called “news media” will blame it all on conservatives, when IN FACT, the 2008 debacle was caused by Democratic policies and legislation.

    no surprise, mates, after all this is the country that made “professional” wrestling what it is today. The right camera angle and narrative™’ and the moronic publicly schooled masses will believe it

  10. geezerette
    Posted December 9, 2012 at 5:40 pm |

    Will believe it??? They all ready do. They put him back in the White House. Professional wrestling and Honey Bo Bo. They don’t even need the right camera angle and their narrative is wraught chare!! Foe moe yrs an a Obama foe!!!

  11. Colonel Jerry USMC
    Posted December 9, 2012 at 7:11 pm |

    When Wash, DC. fails, we always got Rough and Ready, CA. to fall back on……………………………………