Marc Anatasi who is known as the laptop millionaire listed some interesting stats regarding millionaires in America and world. Here is a recap of them:
"There are 960,000 millionaires in China.
There are 376,000 millionaires in the UK.
The number of U.S. households with a net worth of $1 million or
more, not including first homes, fell by 2.5 million to 6.7 million
in 2008, according to the Spectrum Group report.
As of 2008, there were 10 million people around the globe who are
classified as U.S.-dollar millionaires
― Source: Wikipedia et al."
It is no surprise that the number of millionaires in China has been rising over the past few years or decade as their economy has been growing faster than any other country in the world. The number of millionaires in the United States and Europe has been declining over the past few years. Recessions have been to blame for much of the decline, but how many have also been due to the poor government policies and high tax rates in their countries?
Look at France, they want to continue to raise taxes on the rich. How many people who have the ability to will leave that country if they continue to raise taxes on the rich? Take a look at the United States and individual states. Not only is the federal government raising taxes on the rich, but so are individual states. How long can states such as California and New York raise taxes on the rich people before they leave for Florida, Texas and simiar states without state taxes?
The decline of rich Americans and people around the world should be looked at seriously. Many of the rich people are small business owners who hire people to work for them. If they continue to have taxes raised on them, more people will end up losing their jobs. Maybe they'll keep their jobs, but lose their benefits. Or maybe they'll lose their full time hours and become part time employees. This could already be happening as the Obamacare tax is set to hit Americans at the end of the year.
Yes, the rich should pay their fair share of taxes. The rich are often the ones with accountants and tax advisers who save them extra money at tax time. They are the ones who invest their money in off shore accounts. If America wants to make them keep their money in America and pay their fair share of taxes, then why not eliminate the complicate tax system and create a fair system?
To check our Mark Anatasi's blog, just visit:
Or his book at: