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Tony_FLADEM

(3,023 posts)
Thu Mar 14, 2013, 07:01 PM Mar 2013

Rising stock prices yield 300,000 new US millionaires

The rising stock market has pushed America's millionaire population close to its all-time highs before the recession.

According to data from Spectrem Group, the Chicago-based wealth research firm, there are now 8.99 million U.S. households whose net worth totals $1 million or more (not including primary residence). That's up from 8.6 million in 2011 and just short of the all-time record set in 2006, when the United States had 9.2 million millionaire households.

The stock market's rise has been the biggest driver of millionaire creation. With this year's gains, Spectrem said, the United States may have already exceeded its all-time record.

Most of the benefits from rising stocks have gone to the wealthy, since the top 10 percent of Americans own more than 80 percent of all stocks, according to research from Edward Wolff of New York University. But the recent stock surge has also created a new gap within the wealthy, or at least between millionaires and the so-called affluent.

http://www.nbcnews.com/business/rising-stocks-yield-300-000-new-us-millionaires-1C8865668

That Obama is such a communist who hates millionaires

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indepat

(20,899 posts)
3. Thank God these new millionaires will enjoy a tax code that provides newly-enacted
Thu Mar 14, 2013, 07:31 PM
Mar 2013

tax cuts for income in the $250,000 to $450,000 range, and very favorable income tax treatment of dividends and capital gains, all the while plans are underway to cut already-earned-and-paid-for social security and Medicare benefits to help pay for these favored tax goodies and continuing corporate tax loopholes. Ain't living in a right-wing soused society featuring a corporatist government which promotes the general welfare a veritable hoot?

bluestate10

(10,942 posts)
4. Those rates don't apply to most of the people in the group of new millionaires
Thu Mar 14, 2013, 07:38 PM
Mar 2013

because the increase is from retirement assets appreciating, not income.

indepat

(20,899 posts)
6. It is true that retirement income in IRAs&401(k)s derived from dividends and capital gains is taxed
Thu Mar 14, 2013, 07:53 PM
Mar 2013

at the taxpayer's highest marginal rate, just another way the little people most often do not get to enjoy the favored tax treatment afforded to corporate personage and the most affluent.

bluestate10

(10,942 posts)
7. IRA and 401K gains are not taxable until distributions are taken. Usually people take
Thu Mar 14, 2013, 09:09 PM
Mar 2013

distributions at retirement when their tax rates are lower than during their working days.

 

olddots

(10,237 posts)
5. I used to work for millionaires
Thu Mar 14, 2013, 07:38 PM
Mar 2013

later some of them became billionaires did your salary go up a thousand times ?

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