Politicians on the left are fond of saying the rich are getting richer while the poor are getting poorer, but if a recent report in the Wall Street Journal is to be believed, it seems we had fewer so-called Millionaires and Billionaires (based on income tax returns) in 2009 than we had in 2007.
According to reports, there were 13% less tax returns filed with incomes over $200,000 in 2009 versus the number filed in 2007. The decrease is even more noteworthy when you look at the number of returns filed with incomes over $1 Million or over $10 Million – there were, respectively, drops of 39% and 55% in the number of returns filed in 2009 when compared with the 2007 tax filings.
Where’d they go, or, more to the point, where did their income go? The next time someone says “The rich are getting richer” ask them to prove it, because based on the evidence I see, based on actual tax return information leads me to believe we have fewer “Millionaires and Billionaires” than we used to…
wsj.com: Millionaires Go Missing
irs.gov: Tax Year 2009 Detailed Information