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Millionaires and the Fiscal Cliff

Ace December 5, 2012 0
Millionaires and the Fiscal Cliff

Millionaires and the Fiscal Cliff

The cost of removing the Bush Tax Cuts and taxing the wealthy has become the central debate in the Fiscal Cliff talks in the United States. The word fiscal cliff is a new term that refers to the effect a number of laws have that if changed could result in tax increases, spending cuts, and a corresponding reduction in the US budget deficit beginning in 2013.

According to Robert Blake of CNBC yahoo news:

“The population of millionaires in the United States would fall by 315,000, or 6 percent, next year if the country goes over the fiscal cliff and the economy goes into recession as a result, according to a new study from WealthInsight. The total fortunes of millionaires would fall by $240 billion if the cliff’s combination of tax cuts and automatic reductions in government-spending were to take effect.”

2013 will have a lot going on because when the Bush tax cuts expire and an abundance of federal spending will be cut, the Budget Control Act of 2011 will go into play. As we are right around the corner from the fiscal cliff the main headlines are raving that a dramatic decrease in the national debt will be the result. Furthermore some sources are claiming that as much as 70% of the national debt will be paid off over the next ten years or so..

 

Millionaires and the fiscal cliff

Millionaires and the fiscal cliff

Millionaires and the Fiscal Cliff

However, with every cause there is an affect or result so in the meantime there are many people concerned what the effects of these new laws will have on the general public. Moreover no one has even mentioned anything other the millionaires in the country and how they will lose their millions. Not the case at all, if anything it’s an opportunity to invest and make even more..

And what about the kids..? Will anything be done to help the student debt crisis and keep teachers busy teaching and not worries about losing their jobs.

According to WealthInsight’s: “If the United States can solve the cliff deal and chalk up 2 percent growth next year, the number of millionaires would grow by 230,000, and their combined fortunes would soar to by over $1 trillion.

The London based wealth research firm added: “if the threat of the cliff didn’t exist at all the millionaire population would grow by 443,000 and their fortunes would grow by $1.6 trillion”

Millionaires and the fiscal cliff

Millionaires and the fiscal cliff

 

What are your thoughts on the fiscal cliff?

 

 

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