Posted on 09/08/2009 7:35:52 PM PDT by President45
The state of Maryland has recently received a crash-course in Macroeconomics 101. Amidst a budget deficit last year, the politicians in Annapolis created a new tax bracket for the wealthiest 0.3% of earners. The new millionaire tax bracket raised the top marginal income-tax rate for the state to 6.25%. Democrats praised the new tax, predicting that it would bring an additional $106 million to the state coffers. In true Marxist fashion, Governor Martin O’Malley declared that these taxpayers were "willing and able to pay their fair share."
A funny thing happened this past tax season, however. According to the state comptroller’s office, million-dollar income tax returns have decreased from 3,000 to 2,000, down one-third!
(Excerpt) Read more at thewoodwardreport.com ...
Liberals will say to combat this, other states must raise their “millionaire’s tax” to the same rate.
Liberal demoRAT socialists take another one in the shorts!!! This is better than watching TV!!! ROFL
Yes...but then if one state gets greedy, then the other states must keep up and then when those rich capitalists move out of the country, then we must start taxing those making more than $100,000 a year...and then on and on and on...
Taxing income does not make the rich any less rich, it only stifles the opportunity of those who would like to become rich.
I would not be surprised if that happened, even if there was no tax.
There is a big difference between 2007 and 2008 for those who rely the financial sector for income.
Vote with your feet. Millionaires especially welcome here in FL, where you can buy Ruth Madoff’s old house.
California is already over 9 percent, then you add the phoney "Mental Health" tax and you get something over 10% for people making over approx $250K
How is paying more taxes, both in raw amount and tax rate, a "fair share?" I will happily pay my "fair share" when my fair share is a flat tax rate paid by everyone. A "progressive" tax is nothing but thinly veiled communism. From each according to his ability, to each according to his need. - Karl Marx
At first I thought the headline of this article refers to the fact that if you are not a Democrat who lives in Baltimore, Montgomery, PG, Howard, Baltimore or Charles County, or Baltimore City, you have zero representation at the state level in Maryland.
“Earlier this year, conservative radio giant Rush Limbaugh made headlines when he announced that he was leaving New York due to the increased tax burden.”
I thought Rush moved to Florida several years ago and goes to New York only when he absolutely must. I’ve heard him say a number of times how onerous his tax record keeping chores are as it relates to his time in New York and that he avoids NYC for precisely this reason.
Not only that; if you're a white male, registered Republican, you not allowed to serve on a jury. So to get out of any jury duty just state that you're a conservative Republican. And if you happen to be a white male, well, that's even better. You have a very good chance of being rejected for service on a jury.
No problem. We can just split our time and income.
That’s right. If you are in the top 40%, you are still the only REAL taxpayer. The rest are receiving vouchers, one way or another.
Martin O’Moron is vying to become a worse governor of Maryland than Parris Glendenning. That is saying something.
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