Posted on 05/17/2009 9:16:45 AM PDT by Askwhy5times
A year ago, Maryland created a higher tax bracket for millionaires intended to help balance the state's finances and make the tax code more progressive. How is it working for them? In the last year the number of Marylanders with more than $1 million in taxable income who filed by the end of April has fallen by 1/3 to about 2,000. Taxes collected from those returns as of last month have declined by roughly $100 million. Increasing taxes on the rich has failed because the rich are mobile and can choose where they live. I am sure the states with lower tax rates, where they moved, appreciate the increased revenue.
(Excerpt) Read more at bluegrasspundit.com ...
The Laffer curve proved again.
One thing is certain..........since I am not a millionaire, I cannot leave.
stupid is as stupid does
A very wealthy man up here in Outer Neeorkistan decided to pull up stakes and head for Florida. He said he could no longer stand to fork out $14,000 a day, yeah, a day, in Outer Neeorkistan income taxes. The bright folks in Albany don’t get it.
And, the ripple effect of their flight; fewer sales for the luxury auto dealers, boat builders, jewelry stores, fewer country club memberships, empty yacht slips...
Higher unemployment as a result.
This is a great opportunity for a smart governor somewhere to make his state into a modern-day “Galt’s Gulch”.
Self ping for later read.
“A very wealthy man up here in Outer Neeorkistan decided to pull up stakes and head for Florida. He said he could no longer stand to fork out $14,000 a day, yeah, a day, in Outer Neeorkistan income taxes.”
What an unpatriotic guy!
Who is John Galt?
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