Another reason the election may not be close. Contrary to the 'small tax reductions'...
http://prudentpolitics.com/content/view/61/2/
US - A Millionaire-Making Machine
Written by Cody Hatch
Tuesday, 15 June 2004
The 2004 World Wealth Report, compiled by brokerage firm Merrill Lynch and consulting group Capgemini, shows that the world's millionaires grew in number and accumulated wealth, with the largest gains being made in the United States. The fact that the US had more millionaires than anywhere else probably doesn't come as a surprise to anyone, but there are some real gems within the report for those espousing Europe's progressive "tax the rich" philosophy.
Here are some key statistics from the report:
The US and Canada added more millionaires last year than Europe, Asia, Latin America, and the Middle East, combined.
The US had the largest gain in the number of millionaires of any country.
India's number of millionaires increased by 22 percent - more than China's 12 percent.
Europe's number of millionaires barely increased, from 2.4 million to 2.6 million.
According to the report, the reason for Europe's sluggish growth: "That partly can be attributed to the more restrictive European income-tax policies which impeded personal wealth accumulation." [emphasis added]
Now, can we finally have the "tax the rich" crowd sit down? Your policies not only fly in the face of common sense, but they now fly in the face of cold, hard statistics. Clearly the world's millionaires are choosing to by-and-large invest in the US, creating jobs and capital to feed our economy. Is it any wonder that the US economy, even in a slump, is significantly outpacing Europe's? Who wants to be a millionaire in Europe where, after taking significant risk to your net worth, you make a handy return on an investment [which created jobs, by the way], only to see the government get their grubby hands on upwards of 70 percent of it?
Well, I'm sure someone will argue in favor of "getting the rich," but the numbers speak for themselves. Our economy is blowing away Europe's, and North America is turning out more millionaires than the rest of the world combined. Just a coincidence? With the left so easily able to connect-the-dots with Halliburton, they should be able to do so here - though I'm not holding my breath.
References
http://online.wsj.com/article/0,,SB108724975535036777,00.html?mod=home_whats_news_us (Subscription Required)
http://www.reuters.co.uk/newsPackageArticle.jhtml?type=topNews&storyID=529946§ion=news
Comments
Hooray
Written by Guest on 2004-06-15 13:58:48