Has Obama Been Good for Millionaires?

The question of whether Americans are better off than they were four years ago depends, of course, on the American.
For the 12 million unemployed, the answer is most certainly no.
But for many of America's millionaires, the answer may be more affirmative.
A new study from WealthInsight, the London-based wealth-research and data firm (and yes, they are non-partisan), showed that the United States added 1.1 million millionaires between Jan. 1, 2009 and the end of 2011, the latest period measured. There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.
That works out to more than 1,000 millionaires a day under the Obama administration. (They defined millionaires as people with total net worth of $1 million or more, excluding primary residence).
(Read more: Rich Will Spend More Under Romney: Poll)
"It's true that Obama has been good for millionaires, at least in absolute terms," said Andrew Amoils, analyst at WealthInsight. "He certainly hasn't been bad for millionaires."
Amoils said that quantitative easing and financial bailouts especially helped the finance sector, which accounts for the largest share of millionaires. It also helped that markets recovered in 2009.
The timeframe is worth noting. Measured against the 2007 peak, when 5.27 million Americans had a net worth of at least $1 million, the nation lost 165,360 millionaires. Their combined wealth is down six percent, to $18.8 trillion from a peak of more than $20 trillion in 2007.
We don't know how 2012 will turn out, though if stock markets continue to strengthen, the millionaire count for 2012 is likely to increase. Wealth Insight says the number of millionaires in America will grow to more than six million by 2016, and their combined fortunes will jump 25 percent over the same period.
(Read more: Millionaires Give Nine Percent of Income to Charity)
Where did all the millionaires come from between 2008 and 2011?
Mainly from retail, tech and finance -- and in both blue and red states.
Of the sectors adding the largest number of people worth $30 million or more, the retail, fashion, and luxury goods sector ranked first. That was followed by energy and utilities, then tech, telecoms and finance. Transportation and construction saw the biggest drops.
The number of people worth $30 million or more grew 26 percent in Connecticut since 2008, 20 percent in Kansas, 12 percent in Michigan, showing that the wealth creation was nationwide.

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Obama Wins 2012 Election: Why Your Taxes Are Going Up

When President Obama and the new Congress begin to tackle important legislation and federal policy in January, one of the key issues will be how to reform America's byzantine tax code.
Obama campaigned on a platform to raise taxes on the wealthiest Americans, declaring that millionaires and billionaires need to "pay their fair share." The president proposed the highly controversial "Buffett Rule," which would make sure those individuals earning more than $1 million a year would pay at least 30% of their income in federal taxes.
Related: Do the Rich Have a Moral Obligation to Pay Higher Taxes? Gov. Jerry Brown Says 'Yes'
The top individual tax rate is currently 35% but few U.S. households and individuals actually pay that much; various tax deductions and loopholes reduce one's tax burden.
According to the Obama campaign, the richest 400 taxpayers in 2008 (who each made more than $110 million that year) paid an average income tax rate of just 18%. In 2009 over 20,000 U.S. households with more than $1 million in income paid a federal tax rate of less than 15%.
Obama has vowed to raise the top income tax rate for individuals to 39.6% and let the Bush-era tax breaks end for the highest income earners. The majority of Americans — those who are lower to middle class — could also see a 2% tax increase if Congress allows the temporary payroll tax holiday to expire at the end of the year.
Related: Here's Why Your Taxes Are Going Up 2% Next Year: Just Explain It
Nearly half of voters support raising taxes on incomes over $250,000, according to Tuesday night's exit polls.
Len Burman, a professor of public affairs at Syracuse University and a co-founder of the bipartisan Tax Policy Center, believes higher tax rates play just a small role in resolving the nation's budget woes.
"In the long term [Obama] is going to need to raise taxes on more than just the rich," Burman says in an interview with The Daily Ticker. "The budget problem isn't going to be solved without broader-based tax increases, preferably done in the context of tax reform and also serious entitlement reform. We're not going to be able to solve this on the tax side alone."
Burman, who recently co-wrote the new book "Taxes in America: What Everyone Needs to Know," says tax rates do not need to be raised for any income group if Congress and the White House would agree on one simple change: raising the capital gains rate, i.e. the profits from the sale of an investment. Assets, such as stocks, art or real estate, that are held for at least a year are currently taxed at a special 15% rate; Obama wants to raise that to 20%.
"The problem with a low tax rate on capital gains is not that it allows Mitt Romney and Warren Buffett to pay very low taxes but that it creates this huge opportunity for tax sheltering," he notes. "There's a whole industry that's devoted to coming up with these schemes. [Raising capital gains rates] could make the tax system more progressive and allow for lower tax rates" and a reduction in the deficit Burman says.
Obama's tax proposal also targets the Alternative Minimum Tax, the Estate Tax and as well as many personal tax credits and itemized deductions. Obama would make permanent the 2007 AMT patch and index it for inflation. He would raise the estate tax to 45% from 35% on estates worth more than $3.5 million. He would lower the corporate tax rate to 28% from 35% and provide a refundable $3,000 credit per added employee for companies that expand their workforce. He would tax carried interest as ordinary income.
Related: Corporate Tax Loopholes=Corporate Socialism: Pulitzer Prize Winner David Cay Johnston
A divided Congress refused to compromise with Obama during his first term and could very well dismiss the president's tax reforms for the next four years. Republicans are loathe to raise taxes by even a penny and Obama has said he would veto any budget bills that did not include tax increases. Neither party wants to raise taxes in a weak economy. But the options available for reducing the deficit and generating new revenue are few and far between.

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Gunmen kill six in northeast Nigeria church attack

Gunmen killed six people at a church in northeast Nigeria early on Tuesday, the third year running that Christmas services have come under deadly attack in the country, the military said.
The strike took place after a Christmas Eve midnight service outside the town of Potiskum in northeastern Yobe state, where Islamist sect Boko Haram has carried out several attacks this year.
"Unknown gunmen attempted to attack Potiskum but were repelled by the troops. While they were fleeing, they attacked a church in a village known as Jiri," said military spokesman Eli Lazarus, who confirmed that six people were killed.
Members of Boko Haram have killed hundreds in a campaign to impose sharia law in northern Nigeria.
The group killed dozens in a series of bombings across northern Nigeria on churches on Christmas Day last year, mirroring similar attacks in 2010 which killed more than 40.
This year the police and army pledged to protect churches, boosting security in major northern towns and cities and restricting people's movement.
At least 2,800 people have died in fighting in the largely Muslim north since Boko Haram launched an uprising against the government in 2009, watchdog Human Rights Watch says.
Potiskum, which lies in Boko Haram's northeastern stronghold, has been one of the areas worst affected by the insurgency.
Security experts believe Boko Haram is targeting worshippers to spark a religious conflict in a country of 160 million people split roughly equally between Christians and Muslims.
Many churches in Nigeria's biggest northern city, Kano, and elsewhere in the north were almost empty for Christmas Day services on Tuesday, local residents said.
Two people were killed in separate attacks on Tuesday in Kano, a police source said. He said gunmen riding motorcycles killed the driver of a government worker and another civilian.
Pope Benedict used part of his Christmas message to the world on Tuesday to highlight the need for reconciliation in Nigeria, saying "savage acts of terrorism continue to reap victims, particularly among Christians".

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Egypt constitution approved with 63.8 percent: election committee

Egypt's new constitution, drafted by Islamist supporters of President Mohamed Mursi, has been approved by 63.8 percent of voters in a two-round referendum, the supreme election committee said on Tuesday.
The result, which followed votes held on December 15 and on December 22, matched an earlier unofficial tally given by Mursi's Muslim Brotherhood.
"We have seriously investigated all the complaints," judge Samir Abu el-Matti of the Supreme Election Committee told a news conference. The final official turnout was 32.9 percent.

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Affleck Won't Be Running for Senate

Those hoping the United States Senate may get a little less gray and a bit more celebrity-studded won't be getting their Christmas miracle today.
Despite speculation, Ben Affleck announced late Monday he would not go after John Kerry's Senate seat in his native Massachusetts if the senator is confirmed as secretary of state.
The actor, who has been an increasingly popular presence in the political world recently, wrote on his Facebook page: "I love Massachusetts and our political process, but I am not running for office."
Chatter around a possible run went into overdrive Sunday when during an appearance on CBS' "Face the Nation" the Cambridge native decidedly did not rule it out saying, "One never knows. I'm not one to get into conjecture."
In the post he mentions his charity work in the Congo, something he discussed on ABC's This Week as well as testifying before Congress, as one of the reasons he's not interested in entering Bay State politics.
"Right now it's a privilege to spend my time working with Eastern Congo Initiative (ECI), supporting our veterans, drawing attention to the great many who go hungry in the U.S. everyday and using filmmaking to entertain and foster discussion about issues like our relationship to Iran," Affleck said.
The movie star added his praise of Kerry, writing: "We are about to get a great Secretary of State."
"There are some phenomenal candidates in Massachusetts for his Senate seat. I look forward to an amazing campaign," Affleck added.
As for some of those candidates on the list, Gov. Deval Patrick is likely to appoint a replacement to fill Kerry's seat in the interim period. Former Massachusetts governor and Democratic presidential nominee Michael Dukakis, as well as Vicki Kennedy, the widow of Ted Kennedy, are on Patrick's list, according to reports.
Scott Brown, who lost to Elizabeth Warren in November, is widely believed to be the likely Republican nominee and is viewed as a strong contender. On the Democratic side there are several names often mentioned currently in the U.S. House of Representatives: Edward Markey, Michael Capuano, and Stephen Lynch. Other possibilities include Martha Coakley, the state attorney general who originally lost to Brown in the 2010 special election held after Kennedy's death, which Brown won.

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First Lady Tracks Santa From Hawaii

While President Obama spent his Christmas Eve afternoon golfing with friends, the first lady was hard at work helping children from across the country track Santa's every move.
Mrs. Obama took roughly 30 minutes out of her Hawaiian family vacation to answer calls from children asking where Santa was located as part of the annual NORAD Tracks Santa program run by the North American Aerospace Defense Command, according to a White House official.
"Have you been a good boy this year?" Mrs. Obama asked Fischer from North Carolina.
"Yes, ma'am" responded the polite 5-year-old, who asked Santa to bring him a four-wheeler this year. Klye from Winona, N. J., wanted to know what the first lady's favorite present was when she was a young girl.
"When I was little. I loved Barbie dolls. I was a big Barbie doll kid, and every Christmas I got a new Barbie. One year I got the Barbie townhouse and the camper. It was very exciting," Mrs. Obama said. The first lady helped children track Santa and his sleigh as he delivered toys to little girls and boys in Africa, the Middle East and Europe.
"He's moving pretty fast. That's pretty exciting, isn't it?" she asked the Schaack children from Rocklin, Calif.
"He's going like 100 miles an hour!" one of the boys replied. "You guys go to sleep soon now so that he'll come to your house, all right?" the first lady cautioned.
The Obamas spending Christmas at their vacation home along the shores of Kailua, a quiet beach town on the east end of Oahu.

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U.S. urges Egyptians to bridge divisions after constitutional vote

The United States on Tuesday urged all sides in Egypt to increase political engagement after Egyptian officials announced that voters had overwhelmingly approved a new constitution drafted by President Mohamed Mursi's Islamist allies.
"President Mursi, as the democratically elected leader of Egypt, has a special responsibility to move forward in a way that recognizes the urgent need to bridge divisions," State Department spokesman Patrick Ventrell said in a statement, noting that many Egyptians had voiced "significant concerns" over the constitutional process.
"We hope those Egyptians disappointed by the result will seek more and deeper engagement. We look to those who welcome the result to engage in good faith. And we hope all sides will re-commit themselves to condemn and prevent violence," Ventrell said. (Reporting By Andrew Quinn; Editing

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Little change in overtreatment at doctors' offices

Although some Americans are getting more of beneficial treatments that were underused in the past, including drugs for heart disease, others are still being overtested or overtreated for a range of conditions, according to a new study. Researchers found U.S. doctors' offices made progress on six of nine "quality indicators" for recommended and underused therapies but only scaled back on two of 11 unnecessary and potentially harmful health services. Those findings reflect a growing concern over skyrocketing health care costs - and the realization that doctors and hospitals are going to have to find places where services can be scaled back. "We all know that we need to do something about it, and one component of the high health care costs is the overuse and misuse of therapies and interventions," said Dr. Amir Qaseem, director of clinical policy at the American College of Physicians. It's not about getting rid of services that are too expensive, he told Reuters Health, but evaluating what current tests and treatments may offer little value for certain patients. For example, two overuse indicators included in the new analysis are screening men age 75 and up for prostate cancer and screening women 75 and older for breast cancer. "For men who are getting screened over the age of 75, the likely benefit doesn't happen within a patient's lifetime," Qaseem said, because prostate cancer is often very slow-growing. And that's assuming prostate specific antigen (PSA) tests are beneficial at all. Regardless of a man's age, however, the tests can still lead to invasive biopsies that come with side effects such as a risk of incontinence and impotence. "We really need to start looking at some of these services that may be harmful," added Qaseem, who wasn't involved in the new research. The findings are based on nationally representative studies of adult care in outpatient offices, conducted by the Centers for Disease Control and Prevention. Data came from 79,083 office visits in 1998-1999 and 102,980 visits in 2008-2009. During that span, the use of many recommended therapies improved. For example, 28 percent of people with coronary artery disease were given aspirin in 1998-1999, compared to almost 65 percent a decade later. Likewise, the use of statins more than doubled in those same patients, from 27 percent to 59 percent. In people with diabetes, statin prescriptions increased from 12 percent to 36 percent. However, there was little change in rates of unnecessary and overused services, including some types of cancer screening for older adults or x-rays and urine tests done as part of a general check-up. Two of those overuse indicators improved: cervical cancer screening for women over 65 dropped from 3 percent to 2 percent, and unnecessary antibiotic prescribing for asthma flare-ups fell from 22 percent to 7 percent. On the other hand, rates of prostate cancer screening for older men increased, from between 3 and 4 percent to almost 6 percent, according to findings published Monday in the Archives of Internal Medicine. The lead author on the study from New York's Mount Sinai School of Medicine, Dr. Minal Kale, said the set of quality indicators her team used doesn't necessarily represent all tests and treatments provided in outpatient care. And she added that the overuse of medical services is a complicated issue. "Culturally, there's a lot of resistance to limiting access to health care services because it quickly becomes politicized," Kale told Reuters Health. "The question about overuse really needs to come back to quality. It's about quality of the care that we're delivering to patients." The goal, she said, is to "increase the value and the quality of our health care system while also paying attention to the costs."

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‘Dystextia': Gibberish texts sound stroke alarm

Imagine you were a devoted husband, waiting to hear from your wife about her due date after a visit to the obstetrician, and you saw these on your phone: "every where thinging days nighing" "Some is where!" That's what happened last December to a Boston-area man, who knew that autocorrect - known for its bizarre replacements - was turned off on his 11-week-pregnant wife's phone. You'd probably be tempted to make sure your wife, 25, got to the emergency room. When she did, doctors noted several signs of a stroke, including disorientation, inability to use her right arm and leg properly and some difficulty speaking. A magnetic resonance imaging scan - MRI - revealed that part of the woman's brain wasn't getting enough blood, clinching the diagnosis. Fortunately, her symptoms went away quickly, and the rest of the pregnancy went just fine after she went home from the hospital on low-dose blood thinners. The case, say three doctors from Boston's Harvard Medical School who reported it online today in the Archives of Neurology, suggests that "the growing digital record will likely become an increasingly important means of identifying neurologic disease, particularly in patient populations that rely more heavily on written rather than spoken communication." The authors describe the phenomenon as "dystextia," which is the word used by other doctors in an earlier case involving a migraine, and symptoms of a stroke diagnosed for other reasons. "In her case, the first evidence of language difficulties came from her unintelligible texts," one of the report's authors, Dr. Joshua Klein, told Reuters Health by email. Strokes are rare in women aged 15 to 34, with about 11,000 per year, according to data from the U.S. Centers for Disease Control and Prevention published last year. Dr. Sean Savitz, who directs the stroke program at the University of Texas Health Science Center in Houston, said he has seen a few patients who sent emails suggesting they were having difficulty with language, a condition known as aphasia. Such clues usually come with other information however. In this case, for example, the patient's obstetrician's office later remembered that she had trouble filling out a form. And they might have caught the language difficulty earlier had the woman not had a weak voice, thanks to a recent upper respiratory infection. "So, this case report per se does not indicate to me if dystextia is going to be more common to pick up strokes," Savitz told Reuters Health by email, "but I do think it will be a valuable addition to the collection of information that neurologists should obtain when taking a history." "The main stroke warning signs with respect to texting would be unintelligible language output, or problems reading or comprehending texts," said Klein. "Many smartphones have an ‘autocorrect' function which can introduce erroneous word substitutions, giving the impression of a language disorder." Autocorrect, said Savitz, a professor of neurology, can confuse matters - even for doctors. "I have often joked with my colleagues when using the dictation of the smartphone, that it gives me an aphasia," he said. "Potential for lots of false positives!" SOURCE: Archives of Neurology, online December 24, 2012.

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NRA Takes Fire for Stance on Mental Illness

The National Rifle Association has come under fire by an association of psychiatrists for its characterization of people who commit violent crimes as "monsters," "lunatics" and "insane." The American Psychiatric Association, which represents more than 30,000 mental health professionals, released a statement that expressed its "disappointment" over the gun lobby's use of those terms in the wake of the massacre at the Sandy Hook Elementary school in Newtown, Conn., where Adam Lanza, 20, slaughtered 20 children, six school staffers and his mother. In a news conference last week, NRA CEO Wayne LaPierre repeatedly used the word "monsters" and "insane" to describe people who carry out mass shootings. And during an interview this weekend on "Meet the Press" LaPierre used the word lunatic "as a catchphrase for those who commit violent crimes," the APA said. In his news conference, LaPierre blamed the tragedy on Hollywood, the media, video games and the courts. His remarks also appeared to explicitly scapegoat those with mental illness. "How many more copycats are waiting in the wings for their moment of fame …" LaPierre said. "A dozen more killers? A hundred? More? How can we possibly even guess how many, given our nation's refusal to create an active national database of the mentally ill?" NRA Faces Backlash for Proposing Armed School Guards Watch Video National Rifle Association News Conference Interrupted by Protesters Watch Video Gun Violence Victims, Survivors Share Thoughts After Newtown Massacre Watch Video APA's President Dr. Dilip Jeste said in a statement over the weekend that LaPierre's comments were unfair and inaccurate. "Only 4 to 5 percent of violent crimes are committed by people with mental illness," Jeste said. "About one quarter of all Americans have a mental disorder in any given year, and only a very small percentage of them will ever commit violent crimes." APA's CEO Dr. James H. Scully added that LaPierre's remarks serve to perpetuate the idea that mental illness and evil are one and the same. "This is simply a relic of the past and has no place in our public dialogue. People who are clearly not mentally ill commit violent crimes and perform terrible acts every day. Unfortunately, Mr. LaPierre's statements serve only to increase the stigma around mental illness and further the misconception that those with mental disorders are likely to be dangerous," Scully said. The NRA remains unmoved. Their director of public affairs, Andrew Arulanandam, said he hadn't seen the APA statement and he wouldn't comment specifically on the Newtown shootings because he said he wasn't aware of any official information about Lanza's mental state -- but it wouldn't be unreasonable for anyone evaluating the Newtown killings to conclude the killer was mentally ill. NRA Chief Calls Assault Weapons Ban 'Phony' "Look at other similar shooting incidences. All of these shooters exhibited warning signs. The signs were there and people ignored them," Arulanandam said. "If the media wants to suggest that there was nothing wrong with these people, that's their concern but we believe -- and believe most Americans will agree -- these people were deranged." Bob Carolla, a spokesman for the National Alliance on Mental Illness said he agreed with the APA's statements and also pointed out that it hasn't been established that Lanza suffered from any sort of mental illness. Authorities have nothing but anecdotal information on Lanza's mental state at the time of the shootings.

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