Exactly how hard is it to look at other states that have tried this for ilustration? To wit, a short nine years ago:
Millionaires Go Missing
Maryland's fleeced taxpayers fight back.
May 27, 2009. Wall Street Journal
Here's a two-minute drill in soak-the-rich economics:
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
Rich liberals don’t pay their fair share? I tell you - I’m shocked, shocked and shocked they don’t part with their money,
Its human nature and people are resistant to a lot of giving - even when they’re told its all for the common good.
I see the problem here they didn't raise the rate enough in the first place. ( What do you mean Static Analysis is a crock...)