Quote:
Originally Posted by NewYorkBuck
Nope - single biggest factor contributing to someone being a millionaire is owning their own business.
http://finance.yahoo.com/banking-budgeting/article/105626/10-Things-Millionaires-Won't-Tell-You
See #3 - half of all millionaires made their money by running their own business. So as I predicted, it seems the higher your wealth, the more likely you are to have gotten there by running your own business. (The truly "rich" are that 3% who get their money inherited through trusts and the like, but as mentioned they will never pay taxes in our current system.)
So it seems like the left is left with the "inconvenient truth" that their taxes on 250k and above will directly lead to job destruction, as small business are responsible for most of the job growth in this country, especially right now as is shown by the following article.
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Sorry, NYB, but that does nothing to prove your point that the 4x ratio of small business owners extrapolates upwards to the 250K annual income level and beyond. It merely states that half of those who are millionaires (i.e. have accumulated 1MM+ in assets) achieved this through small business ownership. By that definition, someone who has been plugging away at a small plumbing company for 20 years, never made over 100K in a single year but was smart with his money, has a large amount of home equity and a decent valuation on his company could easily quality, yet he's not much closer to making 250K a year than he was when he started his company
Even if half of all "millionaire creation" is the result of owning one's own business, the article gives no distinction as to whether they are "small" businesses or not--something that seems to be a rather vague notion and one that hasn't really been addressed here.
What I would really need to see before capitulating is first a definition of what constitutes "small business" in "America and secondly, what percentage of annual income owners at the 250K, 500K and 1MM levels are small business owners under that definition. Even then, I'd like to see what proportion of those fall into such categories as self-incorporated surgeons, consulting architects and the like.
The heart of this argument is whether guys like JTP would benefit from Obama's or McCain's tax policies. You've shown me nothing to change my belief that guys like Joe the Plumber are so far off from ever sniffing 250K that the answer falls heavily in Obama's favor.