Almost 3,000 Millionaires Claim Jobless Benefits, IRS Data Show

[marmar]

Oct. 1 (Bloomberg) -- After the economy slipped into recession in 2008, millions of Americans received unemployment benefits to make ends meet -- including almost 3,000 millionaires.

According to U.S. Internal Revenue Service data, 2,840 households reporting at least $1 million in income on their tax returns that year also collected a total of $18.6 million in jobless aid. They included 806 taxpayers with incomes over $2 million and 17 with incomes in excess of $10 million. In all, multimillionaires reported receiving $5.2 million in jobless benefits.

Those numbers are a minuscule fraction of the 9.5 million taxpayers who reported receiving $43.7 billion from jobless benefits in 2008, up from 7.6 million recipients reporting $29.4 billion in benefits in 2007. Still, economists said they are surprised so many people with seven-figure incomes claimed benefits.

“It’s a larger number than I would have expected,” said Alan Viard, resident scholar at the American Enterprise Institute, a Washington research organization. “But, people at any income level can lose their jobs.” ...........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601010&sid=a9n11Yv9MPCk

[virgogal]

1. Millionaires get Social Security too. That's the way it is.

[FBaggins]

5. That's correct... because neither program is welfare.

You pay for that insurance out of your paycheck (including millionaires). Of course, the payout is capped, so it isn't like they get 40% of a million dollar salary.

Interesting to see that there are so many highly compensated executives being laid off. Not that they're in danger of missing their next meal.

[Statistical]

2. Unemployment is an earned benefit.

If I was a millionaire but lost my job I would collect Unemployment Compensation.

In related news millionaires use health insurance (even Medicaire) despite having the money to simply pay cash.
Some millionaires even (gasp) send their kids to private school where they get an education for ...... FREE!!!!!!

[Dappleganger]

3. I know someone who does.

He shut down his business on purpose, laying off everyone and now sits on a chat board and brags about it regularly. He's a fucktard right-winger and constantly bashes the left (if he can get away w/it from the mods of that board). He's been collecting for over two years from the state of MA.

[Statistical]

4. Over 2 years?

MA offers 104+ weeks of unemployment compensation? So why all the ruckus about 99ers them?

[dsc]

6. because very few states do offer that

states can offer more than the feds if they choose, but they can't offer less.

[Statistical]

9. It was a semi-rhetorical question. MA only offers 99 weeks of UE.

http://www.massresources.org/pages.cfm?contentID=38&pageID=17&subpages=yes&dynamicID=605#extended

[Dappleganger]

7. MA has some of the most generous UE benefits.

He just brags about getting his "due" then rants against the president.

[Xithras]

8. It's called Unemployment "Insurance" for a reason.

Whether you make $15,000 a year, or $150,000 a year, you pay money into UI every month. When you're unemployed, you get to draw money back out. Insurance is not, and should never be, "need based".

Could you imagine totalling your car, and having your Auto Insurance adjuster tell you "Yeah, you qualify, but we see that you have $60,000 in your savings account, so you don't really need the money from us." You pay in under the assumption that you get a payout when your employment ends.

[Warren Stupidity]

10. Great! NOT WELFARE! Everyone working pays in!

Everyone who gets laid off receives compensation.