Fewer folks to pay for Obamacare
Brent Tantillo • July 20, 2009 • Uncategorized
To pay for his nationalized healthcare plan, President Obama plans to impose a 5.4 percent on incomes of more than $1 million. According to the Economist, the President is going to have fewer folks to tax:
The wealth of the world’s high-net-worth individuals (HNWIs) fell by almost a fifth last year to $33 trillion, according to the 2009 World Wealth Report from Merrill Lynch and Capgemini. A HNWI has at least $1m of assets besides his main home, its contents and collectable items. In 2008 the number of HNWIs went down to 8.6m, just over 0.1% of the world’s population. Their wealth declined by more than 20% in North America, Europe and Asia, but by a bit less in Africa and the Middle East. Latin America’s rich were the least affected: they lost 6% of their wealth, and the number of HNWIs there fell by less than 1%. In North America, which had a large proportion of people just above the $1m threshold, the ranks slimmed by 19%.
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