2006-12-23 06:55:36 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
A millionaire is a person who has at least one million dollars in wealth.
If a person wins one million dollars, they have to pay a very high prize tax on that money of about 40%. (in the US) so they would be left with about 600,000 after tax.
2006-12-23 07:01:14 · answer #1 · answered by Economics Guy 3 · 2⤊ 0⤋
A millionaire is not even really a millionaire before taxes in all cases. A millionaire takes into consideration assets, not just cash.
2006-12-23 14:58:38 · answer #2 · answered by donnabellekc 5 · 0⤊ 0⤋
A millionaire is a millionaire because they have that much in assets. Assets aren't taxable, income is.
But many people just a little way into that designation might have holdings that haven't yet been taxed, like traditional IRA's, so that would have to be factored in.
2006-12-23 16:11:57 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Well, if they just won a million then no. If they are worth a million then they are a millionaire.
2006-12-23 19:00:31 · answer #4 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Of course they are. Millionaires do not pay taxes. Only the middle class pays taxes.
2006-12-23 15:05:05 · answer #5 · answered by Anonymous · 0⤊ 4⤋
no, the taxes take away from the million dollars. However, if you put it in the bank the money will build itself up fairly quick.
2006-12-23 15:06:01 · answer #6 · answered by laxplya3131 1 · 0⤊ 0⤋
no taxes will eat up about 200-250 thousand of it per million
2006-12-23 14:58:30 · answer #7 · answered by halliwell_whitelighter 2 · 0⤊ 1⤋
No because at least 40% is held in taxes leaving about $600,000.
2006-12-23 14:57:46 · answer #8 · answered by Sparkles 7 · 0⤊ 1⤋