I apologize for the return of Harry Reid’s glowering mug on the front page, but someone delivered a smackdown of Reid’s egregious “unicorn” statement so thorough that it’s worth staring at Reid to get it. You may remember a couple of weeks ago when Senator Reid, who by the way is the third most powerful Democrat in the country, said that millionaires who create jobs are as rare as unicorns. I lit into Reid in this post, but Paul Roderick Gregory took up a handful of facts directly from the government itself, and beat Reid’s “argument” into a thin paste. Here is the beginning of what Gregory found right out in the open.
There are 236,883 tax filers with incomes of a million dollars or more. By Harry Reid’s count, only one percent, or 2,361 of them, are business owners, and a tiny fraction of them create jobs. I do not know what Harry means when he says “a tiny fraction of a tiny fraction.” If we let 5 percent represent Harry’s “tiny fraction,” we are left with 118 businesses owners who earn a million or more and create jobs. Yes, they are only slightly less rare than unicorns, if Harry is to be believed.
This leaves 236,765 million-dollar-plus tax payers, most of whom are “hedge fund managers and wealthy lawyers” who “don’t create jobs and don’t need tax breaks.”
My Google search for Harry Reid’s quarter million hedge fund managers and wealthy lawyers came up empty handed. I could identify at most sixteen thousand “wealthy lawyers and hedge fund managers,” not Harry Reid’s quarter million.
Like I said, that was only the beginning. Gregory then looked at how much those millionaire business owners declared and deduced that, for Reid to be correct, all but 118 of the 2,361 would have to run a hundred-million dollar a year business without a single employee.
Well, unicorns are said to be magical creatures, so maybe they’re capable of running businesses that large all by themselves. Perhaps the Republican Party can make a point of asking Senator Reid and his fellow Democrats whether they believe these millionaires are truly legendary creatures or not.
(via Maggie’s Notebook)
Category: The Economy and Your Money