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  • theresnobeachhere theresnobeachhere Dec 13, 2012 8:29 AM Flag

    I was just in the country of Monaco

    10 guys? This story surprised even me. The US is a wealth creating machine - and that doesn't mean there isn't a strong argument for helping the less fortunate.

    "The cost of taxing the rich has become the central debate in the "fiscal cliff" talks.
    But the costs of not getting a deal might be even worse for the country - including the wealthy, according to a new study.
    The population of millionaires in the United States would fall by 315,000, or 6 percent, next year if the country goes over the fiscal cliff and the economy goes into recession as a result, according to a new study from WealthInsight. The total fortunes of millionaires would fall by $240 billion if the cliff's combination of tax cuts and automatic reductions in government-spending were to take effect.
    If the United States can solve the cliff deal and chalk up 2 percent growth next year, the number of millionaires would grow by 230,000, and their combined fortunes would soar to by over $1 trillion, WealthInsight's study said.
    (More From CNBC: GOP Quietly Trying to Find a Way Out of Tax Fight)
    That sounds like good news, but WealthInsight, the London-based wealth-research firm, said that if the threat of the cliff didn't exist at all, the millionaire population would grow by 443,000 and their fortunes would grow by $1.6 trillion."