In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes. In 2009, there were only 237,000 such filers, a decline of 39 percent. Almost four of 10 millionaires vanished in two years, and the total taxes they paid in 2009 declined to $178 billion, a drop of 42 percent, says the Wall Street Journal.
Those with $10 million or more in reported income fell to 8,274 from 18,394 in 2007, a 55 percent drop. As a result, their tax payments tanked by 51 percent.
These disappearing millionaires go a long way toward explaining why federal tax revenues have sunk to 15 percent of gross domestic product (GDP) in recent years.
The loss of millionaires accounts for at least $130 billion of the higher federal budget deficit in 2009.
But the millionaires who are left still pay a mountain of tax.
Those who make $1 million accounted for about 0.2 percent of all tax returns but paid 20.4 percent of income taxes in 2009.
Those with adjusted gross income above $200,000 a year were just under 3 percent of tax filers but paid 50.1 percent of the $866 billion in total personal income taxes.
Before the recession, the $200,000 income group paid 54.5 percent of the income tax.
This means the top 3 percent paid more than the bottom 97 percent, yet the 3 percent are the people that President Obama claims don't pay their fair share.
Source: "Millionaires Go Missing," Wall Street Journal, August 17, 2011.
"I have repeatedly observed that the big mistake many churches make when first seeking to establish a biblical eldership and biblical deaconate is to appoint the wrong men to office. In the end, the church is saddled with the wrong leaders and perhaps suffers years of problems such as those experienced by the church at Ephesus. Insist on biblically qualified men for church office, even if such men take years to develop. Complete obedience to God's Word is always the best church policy."
(Alexander Strauch, Minister of Mercy, The New Testament Deacon, page 88)."
Three significant historical events have been eclipsed by Obama: 1) Jimmy Carter will no longer be looked upon as the worst president in American history; 2) Richard Nixon and Bill Clinton will no longer be recognized as the greatest liars in presidential history; 3) Clinton's stain on Monica's dress, and what that did to White House in general and the office of the president specifically, will forever pale in comparison to the stain and stench of Obama.
I need not spend much time on the failure of Obama as president. His tenure has been a failure on every measurable level. So much so, in fact, that some of the staunchest, most respected liberal Democrats and Democratic supporters have not only openly criticized him – some even more harshly than this essayist – but they have called for him to step down.
Richard Nixon's words "I am not a crook," punctuated with his involvement in Watergate, and Bill Clinton's finger-wagging as he told one of the most pathetic lies in presidential history, in the aftermath of Obama, will be viewed as mere prevarications.
Mr. Nixon and Clinton lied to save their backsides. Although, I would argue there are no plausible explanations for doing what they did, I could entertain arguments pursuant to understanding their rationales for lying. But in the case of Obama, he lies because he is a liar. He doesn't only lie to cover his misdeeds – he lies to get his way. He lies to belittle others and to make himself look presentable at their expense. He lies about his faith, his associations, his mother, his father and his wife. He lies and bullies to keep his background secret. His lying is congenital and compounded by socio-psychological factors of his life.
Never in my life, inside or outside of politics, have I witnessed such dishonesty in a political leader. He is the most mendacious political figure I have ever witnessed. Even by the low standards of his presidential predecessors, his narcissistic, contumacious arrogance is unequalled. Using Obama as the bar, Nero would have to be elevated to sainthood.
As the stock markets were crashing, taking with them the remaining life saving of untold tens of thousands, Obama was hosting his own birthday celebration, which was an event of epicurean splendidness. The shamelessness of the event was that it was not a state dinner to welcome foreign dignitaries, nor was it to honor an American accomplishment – it was to honor the Pharaoh, Barack Hussein Obama. The event's sole purpose was for the Pharaoh to have his loyal subjects swill wine, indulge in gluttony and behavior unfit to take place on the property of taxpayers, as they suffer. It was of a magnitude comparable to that of Tyco CEO Dennis Kozlowski's $2 million birthday extravaganza for its pure lack of respect for the people.
Permit me to digress momentarily. The U.S. Capitol and the White House were built with the intent of bringing awe and respect to America and her people. They were also built with the intent of being the greatest of equalizers. I can tell you, having personally been to both, there is a moment of awe and humility associated with being in the presence of the history of those buildings. They are to be honored and inscribed into our national psyche, not treated as a Saturday night house party at Chicago's Cabrini-Green.
The people of America own that home Obama and his wife continue to debase with their pan-ghetto behavior. It is clear that Obama and family view themselves as royalty, but they're not. They are employees of "we the people," who are suffering because of his failed policies. What message does this behavior send to those who today are suffering as never before?
What message does it send to all Americans who are struggling? Has anyone stopped to think what the stock market downturn forebodes for those 80 million baby boomers who will be retiring in the next period of years? Is there a snowball's chance in the Sahara that every news program on the air would applaud this behavior if it were George W. Bush? To that point, do you remember the media thrashing Bush took for having a barbecue at the White House?
Like Nero – who was only slightly less debaucherous than Caligula – with wine on his lips Obama treated "we the people" the way Caligula treated those over whom he lorded.
Many in America wanted to be proud when the first person of color was elected president, but instead, they have been witness to a congenital liar, a woman who has been ashamed of America her entire life, failed policies, intimidation and a commonality hitherto not witnessed in political leaders. He and his wife view their life at our expense as an entitlement – while America's people go homeless, hungry and unemployed.
by Mychal Massie
Mychal Massie is chairman of the National Leadership Network of Black Conservatives-Project 21 – a conservative black think tank located in Washington, D.C. He was recognized as the 2008 Conservative Man of the Year by the Conservative Party of Suffolk County, N.Y. He is a nationally recognized political activist, pundit and columnist. He has appeared on Fox News Channel, CNN, MSNBC, C-SPAN, NBC, Comcast Cable and talk radio programming nationwide. A former self-employed business owner of more than 30 years, Massie can be followed at mychal-massie.com.
Some have questioned my column title, Always Right, Sometimes Wrong, so let me explain.
Politically, I always lean to the right! I have often said that I am the only true conservative I know. Okay, that phrase is an exaggeration.
Many of my friends and acquaintances identify as conservatives. But almost all of them, at some time or other, favor retaining their own little entitlements. They want their stuff. When their personal suckling places, at the government sow, are in danger of drying up, they will usually vote to keep their milk flowing. That's why it is so hard to elect true conservatives.
Here are a few examples.
For seventeen years, I managed a residential facility for the elderly. The average age of the residents was 86 years. As you might expect, most of them considered themselves to be conservatives. BUT, they get scared about losing their medicare benefits or Supplemental Security Income (which is a pure, unearned welfare handout) and so they usually supported government social programs.
I have some close acquaintances who are conservative public school teachers. BUT, any time cuts in education expenses are an issue on the ballot, they vote liberal.
Public and union employees generally vote to retain their benefits and pensions.
Students will almost always vote to retain low tuitions or to forgive tuition debts.
It goes on and on. Those who benefit from the big fat handouts of the nanny state will most likely vote to keep them.
I am a constitutional conservative. I value freedom more than comfort. I want the government out of my face and out of my personal life. I want to work for my own paycheck and I want to keep what I earn. Furthermore, this country is in danger of economic collapse and everything in the budget needs to be trimmed back to a sustainable level. Government spending is out of control and immoral.
I want a smaller, not larger government. I want a government that upholds and protects our constitutional freedoms and rights. I want a blind and fair justice system. And I want a government that punishes criminals. That's why I always vote conservative without regard for how it will affect my comfort.
And now I have been proven right. This poll proves it. So when the next election cycle is over and you wake up the next morning to find that the big-government liberals have won, you only have yourself to blame.
There is something very eerie and scary about this guy's arrogant boasting.
"Blessed be the name of God forever and ever, For wisdom and might are His. And He changes the times and the seasons; He removes kings and raises up kings; He gives wisdom to the wise and knowledge to those who have understanding."Daniel 2:20-21
"For by the grace given to me I say to everyone among you not to think of himself
more highly than he ought to think, but to think with sober judgment,"Romans 12:3
"The most dangerous myth is the demagoguery that business can be
made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us. Business doesn't pay taxes, and who better than business to make this message known? Only people pay taxes, and people pay as consumers every tax that is assessed against a business. Begin with the food and fiber raised in the farm, to the ore drilled in a mine, to the oil and gas from out of the ground, whatever it may be -- through the processing, through the manufacturing, on out to the retailer's license. If the tax cannot be included in the price of the product, no one along that line can stay in business."
No kidding; I got a personal invitation.They want me to be an official volunteer. Wow, I'm getting a tingling thrill running up my leg.
Some of the work I may be asked to do includes recruiting
other volunteers, registering voters, or talking to my friends and neighbors
about what they hope to see from this campaign. I may even lead a canvass next summer or
perhaps even become a “community organizer.”
Can you believe it? Obama’s people
have to be the dumbest rocks on the planet.What are they thinking?
So what did I do to get their attention?I signed an eCard for Obama’s birthday last
week.That’s right; an electronic birthday
card with a short personal message.This
is what I wrote:
Dear Mr. President,
I hope you have a more pleasant birthday than I had this year. Mine sucked! You’re killing us out here, man.
When I clicked on the send button, it took me to a donation
page where I could elect to send a birthday donation.Yeah, right.I declined.
I think they think I really care.
Obviously they didn’t bother to READ THE STINKIN' MESSAGE I SENT!
My 14 year old grandson, Nate, has just started his very own blog. I have been helping him learn how to build it, manage it and post on it. He is excited about this new project and I wanted to give him a little exposure here.
So if any of you would like to stop over and visit THE KINGDOM, I'm sure he would be pleased. And, if any of you would see fit to "follow" his blog it would be a great encouragement to him.