Monday, September 19, 2011

How many million dollar income tax returns are there?

Let's head on over to the IRS Income Tax Stats page. Currently, 2009 is the most recent year for which the All Returns: Selected Income and Tax Items table is available.

Let's open that file and add up the number of returns showing adjusted gross income of $1,000,000 or more. I get 236,883 such returns.

New York Times and other "news" outlets have been running stories with titles such as Obama Tax Plan Would Ask More of Millionaires under a scheme inspired by one of Warren Buffett's asinine anectodes.

How much more would Mr. President ask of millionaires and billionaires?

Well, I keep hearing the $1,500,000,000,000 figure mentioned a lot today.

$1.5 trillion, and all of it will come from millionaires and billionaires.

Mr. President says it's simple math.

Here is some simple math: $1,500,000,000,000 divided by 236,883 is approximately $6,332,239.97. That is, Mr. President wants to extract more than $6.3 million from each tax return with adjusted gross income of at least a million dollars.

According to the same IRS stats, there were 321,294 such returns in 2008.

That is, in just a year, the number of million dollar tax returns fell by 26%.

At this rate, Mr. President and Warren Buffett will succeed in destroying the American dream. I doubt Mr. President's math will ever work out, however.

To "make it" in this world, there are two options: One way, (not the Solyndra way) is to work hard, spend less than you make, and accumulate wealth. Of course, you can only consume and save out of what you are left with after you pay the government the taxes due on your income.

The President will succeed in rapidly eliminating all those pesky millionaires and billionaires for whom he seems to have so much contempt.

He seems to have a soft spot for Warren Buffett. Eventually, Mr. President might have to collect all of that $1,500,000,000,000 from a single "billionaire" taxpayer ;-)

So much for law school math.

P.S.: The President has not changed. He entertained such fantasies even as a senator.

He has just become a little more ambitious: Back then, he was only trying to extract an extra $446,000 out of each million dollar tax return.

4 comments:

  1. Take an crony capitalist hypocrite and pair him with a Marxist radical, what do you get? A fallacy and a deception.
    I just wonder which one will turn out to be the beneficiary of this mutual game they are playing and which the useful idiot?
    My money is on Buffet as the jig is up as far as the Marxist is involved.

    -- Kerem

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  2. Asking more millionaires and billionaires to pay more in taxes will help in a small way. What America needs is to cut back on NASA and military funding.

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  3. This comment has been removed by a blog administrator.

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  4. Warren Buffett is entitled to every method of tax avoidance available to the rest of us. The thing that we do not have the political will to do is to remove the avoidance avenues that we have encoded in tax law. Mr Buffett appears willing to pay what he must. The Great Republican Argument is that taxes are bad things for those who have it all. When I see the stores of cash hoarded by our major corporations released into the jobs stream, then I will be more likely to listen to such arguments.

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