What’s the difference between a millionaire and a billionaire?
Three zeroes and a comma.
No, this isn’t a bad joke. It takes one thousand millions to make one billion. That’s a huge difference.
Over the past couple of years, especially during the presidential election, one of the hot-button issues has been whether the wealthy are paying “their fair share” in taxes. A great deal of the media coverage and political rhetoric, from President Obama on down, has lumped “millionaires and billionaires” together.
That makes as much sense as putting a housecat and a tiger into the same cage and saying they’re just the same.
The first issue to clarify is the definition of “millionaire” and “billionaire.” Is it someone with a net worth of $1 million or $1billion, or is it someone earning a million or a billion in a year?