So it used to be the case that a billion dollars was considered a metric f—-load of money. Now that number has jumped up to a trillion. However, the definition of ‘millionaire’ is also being defined down. I guess that’s the consequence of unrestrained government spending, people will just get poorer. In India, a “crorepati”, their version of a millionaire, has 10 crore rupees, worth about $200,000 or so. So now we are like India.
Supporters of an income tax increase in New York State were, until recently, pushing what they called a “millionaire tax.” But now that the number of millionaires is rapidly shrinking, Albany’s most vocal tax-hike proponents have lowered their taxation target to households with incomes over $200,000, judging from a poll reportedly released by the union-dominated Working Families Party (WFP) last week (but, oddly, not posted on the party’s website as of this morning).
via NY Fiscal Watch.
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