President Obama cites Millionaire Corner research about the Buffett tax in his weekly address.
President Obama cites Millionaire Corner Buffett tax research in his weekly update.
President Obama referred to research regarding the Buffett Tax conducted by Millionaire Corner in his weekly address, according to Bloomberg. The research indicates that 68 percent of millionaires, those with more than $1 million of net worth, not including their primary residence, support an increase in taxes for those with over $1 million of annual income. Generally $1 million of net worth does not correlate to $1 million of annual income. Only 45 percent favor increasing taxes on those with $250,000 or more of annual income. The President was using the information to plug his Jobs bill which contains an increase in taxes for what he deems as wealthy Americans.
Dow increases modestly on Friday
After the best month for stocks since 1974, the Dow had only modest gains of 22 points and closed at 12,231, according to Reuters. Thomson Reuters reports that 71 percent of companies reporting earnings in the month of October beat analysts expectations.
Manhattan most expensive place to live
According to a report by the Council for Community and Economic Research, Manhattan is the most expensive place to live in the United States. The report, which was discussed in the Wall Street Journal, placed Brooklyn in second place followed by Honolulu and San Francisco. The least expensive of the 300 cities included in the report was Temple, Texas.
Higher health costs for the unhealthy?
According to Reuters, those who have failed to quit smoking or lose weight may be feeling it in the pocketbook. A report by Towers Watson and the National Business Group on Health indicates that 40 percent of mid and large sized companies will require employees who have failed to meet specific wellness requirements to pay a premium on their health insurance. Apparently the new health care law allows the employer to bump up premiums on employees that fail to meet specific goals.
Luxury goods increase sales
Luxury goods will account for almost $254 billion in sales in 2011, according to research by Bain and Company and reported in USA Today. This is good news for retailers such as LVMH (the owner of Louis Vuitton and others) and PPR (Gucci and Bottega Veneta). The increase in sales is reportedly attributable to the Asia Pacific and the Middle East. Credit Suisse reports that global wealth increased 14 percent in the past year to the amount of $231 trillion.
Global consumer confidence weak
Global consumer confidence is weak with 60 percent of consumers indicating that now is not a good time to spend, according to the Nielson Global Consumer Confidence Survey. The report, discussed by Reuters, indicates that one third of North Americans indicate that they have no excess cash to spend. But confidence levels are high in Brazil and Saudi Arabia. India has the highest consumer confidence levels.
Savings rates at lowest since the Great Depression
Savings rates are at their lowest since the Great Depression according to a report from the Commerce Department. Consumer spending rose .6 percent in August and after tax income fell .1 percent. The overall savings rate, as reported in USA Today, fell to 3.7 percent. While this amount is equal to that in December 2007, it is the same at the rate during the 1930s.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.