Explaining Southern California's economy

The 'Millionaire Tax' in Southern California

President Obama has come out swinging, as the USA struggles to get its financial act together. A nearly $500 billion jobs bill has now been followed by a proposal to raise taxes on Americans making more that $1 million a year. Those on the left love the idea; those on the right have labeled it class warfare. In an effort to invoke an extremely rich dude who has strongly advocated that rich people pay more in taxes, Obama has taken to calling it the "Buffett Rule," after billionaire investor Warren Buffett.

I just want to know how much money it would bring in. And at a local level, roughly how many people in Southern California would get hit with the new tax, in the event that it actually gets passed. This isn't Kansas, after all — if you live in or around Los Angeles and San Diego, you are in a major millionaires region. In 2009, the Los Angeles metro area had almost 234,000 millionaires, according to statistics cited by the LA Times. I figure LA has even more now.

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