From 'Willamette Week' (Portland, OR): 9 Things The Rich Don't Want You To Know About Taxes

These graphs are from a piece by David Cay Johnston. Go here to read it in its entirety; Johnston nails it.












This is your country.

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...And How YOU Doin'?

From Mother Jones:

The housing market is still a mess; foreclosures are mounting; unemployment hovers near 10 percent; and, as Treasury Secretary Tim Geithner said just today, "Our economy is still going through an incredibly difficult period." All of this stems from one of the worst financial crises in US history, a meltdown of epic proportions from which the country and the world has yet to fully recover.
That is, unless you're really, really rich. Bloomberg reports today that the super wealthy's riches have all but returned to their swollen, pre-meltdown levels, according to a report by Capgemini SA and Merrill Lynch. Of the 10 million people globally with $1 million or more to invest in whatever they want, their wealth rose nearly 19 percent in 2009, to $39 trillion. In 2007, just before the train sped off the cliff, that wealth was $40.7 trillion spread among 10.1 million really rich people. (Let's not mention 2008—these 10 million people's wealth amounted to only $32.8 trillion. A down year, there.)
Here's more from Bloomberg:
The U.S. had 2.87 million millionaires, more than triple second-ranked Germany with 861,500, the report said. The number of millionaires in China soared 31 percent to 477,400, keeping the country ahead of the U.K. with 448,100.
Ultra-high net worth individuals with more than $30 million to invest saw their wealth rise by 21.5 percent in 2009, faster than other millionaires, according to the report, which attributed the gain to a "more effective re-allocation of assets."

Huzzah! Now here's a recovery you can believe in.

Who's The Richest Man (Or Woman) In Your Town?

W. Randall Jones I.D.'d the largest metro areas in the U.S. and looked for the men and women with the big bucks in each of them.

According to BusinessWeek.com, his new book is The Richest Man in Town. 

Go to town here and meet the Big Shots.

Gone To The Dogs.

     From the AP:

     The widow of producer Aaron Spelling is placing "The Manor" in the exclusive Holmby Hills neighborhood on the market for a jaw-dropping $150 million, making it by far the most expensive home for sale in the U.S.

     The French chateau-style mansion has 56,500 square feet of space on more than 4.6 acres and is the largest home in Los Angeles County. Among the neighbors are the Los Angeles Country Club and, not too far away, the Playboy Mansion.

     Candy Spelling's late husband produced hit shows such as "Charlie's Angels,""Dynasty" and "Beverly Hills 90210." He died in 2006.

     Candy Spelling told The Associated Press that she let her dog Madison, a soft-coated Wheaten Terrier, help pick out the best real estate agent for the task. She had her security bring the dog into the room every time she met one of the candidate agents and watched how the dog reacted. If Madison didn't like them, Spelling crossed them off the list.

     Prospective buyers won't have to worry about passing such scrutiny, Spelling jokes.

     "Not at all," she says.

     While some published reports put the tally of rooms in the mansion at well past 100, Jones couldn't provide an exact count.

     Spelling says she doesn't know either.

     "You're really asking the wrong person," Spelling jokes. "There's a lot. (The house) has evolved and I actually haven't gone around and counted."

     Spelling plans to trade her mansion lifestyle for a luxurious, two-story condo atop a residential tower in Los Angeles that she bought last year for $47 million.

     A downgrade and a sacrifice in these perilous times.

     Unconfirmed reports suggest that Spelling chose the condo because Madison instantly humped the seller's leg and wouldn't let go, which Candy took as a sure sign to buy.