HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Ten Numbers the Rich Woul...
Introducing Discussionist: A new forum by the creators of DU

Mon Nov 19, 2012, 11:20 AM

Ten Numbers the Rich Would Like Fudged

http://www.commondreams.org/view/2012/11/19-3

1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.

2. Only FOUR OUT OF 150 countries have more wealth inequality than us.

In a world listing compiled by a reputable research team (which nevertheless prompted double-checking), the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland.

3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.

The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world's Ultra High Net Worth Individuals, that's $8 to $12 trillion in U.S. money stashed in far-off hiding places.

4 replies, 1046 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Ten Numbers the Rich Would Like Fudged (Original post)
xchrom Nov 2012 OP
kentuck Nov 2012 #1
kentuck Nov 2012 #2
JackRiddler Nov 2012 #3
Octafish Nov 2012 #4

Response to xchrom (Original post)

Mon Nov 19, 2012, 11:23 AM

1. Oh my, my!!!

This is information that needs to be spread far and wide:

"1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds. "

Reply to this post

Back to top Alert abuse Link here Permalink


Response to kentuck (Reply #1)

Mon Nov 19, 2012, 12:07 PM

2. kick one time..

important info.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Original post)

Mon Nov 19, 2012, 12:20 PM

3. Correction on #3...

That would be 150 to 200+ percent of GDP.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Original post)

Mon Nov 19, 2012, 12:20 PM

4. How about them Cowboys?

...or Yankees?

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread