Sen. Harry Reid's [Taxing Millionaire] Unicorns: Fact Checking A Whopper

[eyer]

The writer focuses mainly on Reid intentional fallacy of millionaires not making jobs...

...I'll just provide the financial disingenuousness of Reid's making:

Harry Reid’s statement on December 6 on his proposed 1.9 percent surtax on million-dollar incomes has kicked up some dust. Here is his statement:

“Millionaire job creators are like unicorns. They’re impossible to find, and they don’t exist… Only a tiny fraction of people making more than a million dollars, probably less than 1 percent, are small business owners. And only a tiny fraction of that tiny fraction are traditional job creators…Most of these businesses are hedge fund managers or wealthy lawyers. They don’t do much hiring and they don’t need tax breaks.”

..Were it not for Google, I would have accepted Harry Reid’s unicorn story and NPR’s confirmation. Unlike Harry Reid’s office, I went to the IRS’s Table 1.4 “Sources of income, adjustments, and tax size of adjusted gross income, 2009” to check things out. (I summarize my sources in a separate blog posting). Here is what I found:

There are 236,883 tax filers with incomes of a million dollars or more.

...A 1.9 percent surcharge on millionaires would raise at most eleven billion dollars. By today’s standards, this is chump change, within the federal budget’s rounding error.

http://www.forbes.com/sites/paulrod...harry-reids-unicorns-fact-checking-a-whopper/

236,883 X 1.9% surcharge = $11 billion

So, since there's really no news here for socialist lie suckers...

...you lemmings can just move blindly along.

 

[coastal-boy]

You spotted your lemming behavior well for being a lemming. Just don't give a shit?

 

[koalabear]

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