Initiative: Fiscal Cliff?

“I think there should be a voluntary check box on the tax form that says, ‘if you would like to send in more, please do,'" said a surveyed affluent individual who took an anti-Buffet stance.  (Source: Wealth Report.)

Two-thirds of the wealthiest people in the U.S. added to their fortunes, boosting their average net worth by $400 million to a record $4.2 billion, according to Forbes. By September 2012 the top three included Microsoft founder, now philanthropist, Bill Gates who ranked #1 at $66 billion net worth; Warren Buffet, chairman, Berkshire Hathaway, ranked #2 at $46 billion net worth; and Oracle CEO Larry Ellison ranked #3 at $41 billion net worth.

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And guess who hit a record in this economy? Millionaires. These individuals, with $1 million or more in investible assets had a combined wealth of $11.6 trillion, up from $10.7 trillion in 2009. Their wealth assets here excludes their primary home, collectibles, consumables and consumer durables,” according to Merrill Lynch and Capgemini.

Kudos to the wealthy! Perhaps one day we can all learn how to invest and grow similarly.

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Nevertheless, amidst all these wonders, I can’t help but to think about Hurricane Sandy’s aftermath and  powerless victims who remain in the cold.

This destruction symbolizes daily struggles for many because of a lack of jobs, lack of training to fill open jobs or because of being among the underemployed. No matter how hard they work or how many jobs they have, they still often come up short because of low pay or no pay. 

Additional cutting from the middle class will create more societal problems instead of solutions.

 

October 2011 –George Walper, president of Spectrem Group, a market research firm specializing in wealth and retirement markets, released survey results: “What this tells us is that there are a number of wealthy folks who said: ‘Gee, we need to increase taxes to stimulate the economy. No one likes to be taxed more, but the reality is maybe it has to be done.’” (68% of millionaires supported Warren Buffet’s tax on the wealthy. Those who disagreed felt penalized because of their wealth. One commented, “I think there should be a voluntary check box on the tax form that says, ‘if you would like to send in more, please do." Source:Wealth Report.

What a difference a year makes...

 

September 2012 – George Walper, president of Spectrem Group, a market research firm specializing in wealth and retirement markets, released results from a June/July survey of individuals with an average net worth of $25 million.“There are a lot of unknowns. Tax law changes could impact them professionally and personally. A lot of these people are entrepreneurs, and if a sizable portion of their income is going to go to taxes, that’s a part of their income that they can no longer count on to invest,” he said. (Source: Forbes)

When asked what is the biggest threat to achieving their current financial goals, Affluent investors said the economy and the partisan political climate, which they believe is impeding the progress of the economic recovery. (Source: Reuters)

As Former President John F. Kennedy said during his 1961 Inaugural address: “Ask not what your country can do for you — ask what you can do for your country.”

“Every kingdom divided against itself is brought to desolation, and a house divided against a house falls.” Luke 11:17

…pray for all men… and all who are in authority…1 Timothy 2.  Don't hurt us. Strengthen us to stand on our own.