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…
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