Fewer millionaires to tax

One problem with the government wanting to surcharge the wealthy for healthcare (and other programs) is that they are rapidly dissappearing. There are 18% fewer millionaires than last year. Tax revenues are falling tremendously - some areas like California it's over 40%. Where is the money going to come from to continue to prop up government spending? Just wait for the next stock market crash - then things will get very interesting.

http://www.newsweek.com/id/208496

Consulting firm CapGemini conducts an annual census of high-net-worth individuals, defined as people with at least $1 million in investable assets, excluding primary residences. "We've been doing this report for 13 years and haven't seen this kind of loss of wealth since we started," said Ileana van der Linde, principal at CapGemini's wealth-management practice. North America saw an 18.5 percent decline in its high-net-worth population, from 3.02 million in 2007 to 2.46 million in 2008. Even though they were more likely to be diversified in bonds and cash—instead of simply plowing money into stocks—the HNWIs' collective net worth fell from $10.85 trillion in 2007 to $8.44 trillion in 2008, down 22.2 percent. The ultra-HNWIs—those with at least $30 million in assets—suffered even more. That segment of the population fell 25 percent.