Almost 2,400 people in millionaire homes received unemployment benefits in 2009
futures io futures trading

Almost 2,400 people in millionaire homes received unemployment benefits in 2009
Updated: Views / Replies:394 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Almost 2,400 people in millionaire homes received unemployment benefits in 2009

  #1 (permalink)
Aurora, Il USA
Trading Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,900 since Nov 2010
Thanks: 3,315 given, 3,359 received

Almost 2,400 people in millionaire homes received unemployment benefits in 2009

Oct. 2 (Bloomberg) -- Almost 2,400 people who received unemployment insurance in 2009 lived in households with annual incomes of $1 million or more, according to the Congressional Research Service.

The report was released after about 1.1 million people exhausted their jobless benefits during the second quarter of 2012, when more than 4.6 million filed initial unemployment claims. Eliminating those payments to high earners is one idea being considered as U.S. lawmakers struggle to curb a projected $1.1 trillion deficit for the fiscal year that ended Sept. 30, with the nationwide jobless rate at 8.1 percent.

Forbes 400’s richest people in America list
Here’s a look at who made the list of the country’s richest — also known as the 1 percent.

According to the Tax Policy Center, that's the blow to after-tax income for the average family if Congress goes over the fiscal cliff. But forget the average, which gets dragged up by the size of the tax increase on the rich. Let's get more specific.
“Sending millionaires unemployment checks is a case study in out-of-control spending,” U.S. Senator Tom Coburn, an Oklahoma Republican, said in an e-mail. “Providing welfare to the wealthy undermines the program for those who need it most while burdening future generations with senseless debt.”

The 2,362 people in millionaire homes represent 0.02 percent of the 11.3 million U.S. tax filers who reported unemploy- ment insurance income in 2009, according to the August report. Another 954,000 households earning more than $100,000 during the worst economic downturn since the Great Depression also reported receiving unemployment benefits.

The reported benefits may include those received by spouses or dependents of people who made high incomes, or benefits received earlier in the year before a household member got a high-paying job.

Eliminating the federal share of unemployment benefits for millionaires would save $20 million in the next decade, the congressional researchers said in their report.

Prohibiting Benefits

Congress has expanded unemployment benefits that had been paid for by states and lasted 26 weeks. The federal money lengthened the maximum period to 99 weeks, though the researchers said in practice no state currently offers more than 79 weeks.

Coburn introduced legislation in February 2011 to prohibit federally funded unemployment benefits for people who had at least $1 million in assets in the year before they filed a claim. The Senate voted unanimously for his measure, the Ending Unemployment Payments to Jobless Millionaires Act of 2011. It was later added to another bill, which hasn’t passed the Senate.

Coburn found that 18 households reporting an adjusted gross income that exceeded $10 million received an average unemployment benefit of $12,333 in 2009. The average benefit for 74 households earning between $5 million and $10 million was $18,351. The average household making $1 million or more received $11,113, or about 37 weeks of unemployment benefits.

Payroll Taxes

Unemployment benefits, which averaged about $300 per week in 2011, are paid out of accounts funded by payroll taxes and administered by states. Like Social Security and Medicare, the federal health insurance program for the elderly and disabled, unemployment insurance has no income limits.

The Internal Revenue Service reported that 2,840 millionaire households, or 0.03 percent of tax filers, received unemployment benefits in 2008. Another 816,700 beneficiaries earned between $100,000 and $1 million in 2008, the report said.

The House of Representatives last December passed a bill that would have taxed jobless benefits at 100 percent for single filers with an income of $1 million or married filers earning more than $2 million. The provision, part of a jobs bill written by Michigan Representative Dave Camp, a Republican who leads the House Ways and Means Committee, was dropped before the legislation was sent to President Barack Obama for his signature.

Auctioning Airwaves

Lawmakers voted in February to fund the $30 billion cost of extending unemployment benefits by auctioning public television airwaves and increasing pension contributions by new federal employees. The extension expires at the end of the year.

During the recovery from the recession, real unemployment, including discouraged workers and part-time employees seeking full-time jobs, peaked at 18 percent in January 2010. The number of American workers who collected unemployment benefits topped out at 6.6 million in May 2009, the highest seasonally adjusted number in more than 30 years, according to the Labor Department’s Employment and Training Administration.

The average unemployed American is out of work for nearly 40 weeks, according the U.S. Bureau of Labor Statistics. Even so, congressional researchers said it’s possible that IRS figures understate the number of households that receive unemployment insurance because the first $2,400 in benefits wasn’t taxed in 2009, although it is now.

Almost 2,400 Millionaires Pocketed Unemployment Benefits in 2009 - The Washington Post

Reply With Quote


futures io Trading Community Traders Hideout News and Current Events > Almost 2,400 people in millionaire homes received unemployment benefits in 2009

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now

Similar Threads
Thread Thread Starter Forum Replies Last Post
How the Richest 400 People in America Got So Rich kbit News and Current Events 0 July 12th, 2012 05:47 PM
Jobless Americans to lose unemployment benefits kbit News and Current Events 0 May 11th, 2012 09:01 AM
Democrats Consider Dropping Millionaire Tax to Get Deal Quick Summary News and Current Events 0 December 14th, 2011 08:10 PM
Sorting post by the number of thanks they received trendisyourfriend Off-Topic 1 May 9th, 2011 04:34 PM
Problem with Thanks Given; Thanks Received lolu Feedback and Announcements 2 December 14th, 2009 07:30 AM

All times are GMT -4. The time now is 02:56 AM. (this page content is cached, log in for real-time version)

Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts