Do Most Millionaires Have Million-Dollar Incomes?

Of course not! These days, even someone lucky enough to have $25 million invested might have to stretch in order to generate $1 million of investment income. Unfortunately, almost nobody – including president Obama – pays attention to the difference between those with a million to invest and those making a million before taxes. See Glenn Kessler's Does a majority of millionaires really support the Buffett Rule? 

The Washington Post's fact checker includes data on the Spectrem Group's millionaire surveys. Although these surveys are popular indicators of what's what in the high-net-worth world, they're not based on random samples. In other words, not surveys a president should rely on.

Not even in an election year.