Posted on 05/26/2009 5:20:28 AM PDT by reaganaut1
...
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.
No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey.
The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states" [and can move there].
(Excerpt) Read more at online.wsj.com ...
True. But then a lot of business owners are in dire straits right now. Some may be foregoing paychecks all together just to keep their businesses afloat. This is especially true if the bank holding your line-of-credit is ratcheting things down on you.
Just adding this thought to point out that in some cases the disappearance of reported income may not be 'voluntary'.
Depends on what town you live in, the way the law is written, as long as you pass a Federal and state background check you can get a license, but that’s just where the fun starts.
Massachusetts has 3 different license, an FID only allows you to buy mace or long rifle, a Class B allows you to purchase hand guns that hold 10 or less rounds and rifles, but if you transport your fire arm you have to have it locked in a case in your trunk with the ammo locked in a separate case, a Class A allows you to purchase large capacity fire arms and conceal carry your weapon.
Now, you can put in for what ever license you want, but it’s up to the chief of police in your town to decide what you get, or if you even get one, allot won’t give a Class A the first time around, they’ll give you a Class B (even if you applied for a Class A), and even more fun, you may get a Class A, but the chief of police can put restrictions on it for “Hunting and Target Shooting Only”, or Hunting/Sport, which means you can’t conceal carry, basically making it a Class B, but allowing you to purchase large capacity.
Our fire arm licensing if painfully convoluted, there is no real standard from town to town, in Quincy you’ll never get a Class A unrestricted, but in other towns that’s all they’ll give, it all depends on the chief of police.
Another good example is open carrying of fire arms, there is no law against it in Mass, but if you do it you’ll get arrested for brandishing a fire arm, or the usual police reason of “because I said so”.
So yes, getting a license here can be a nightmare depending on what town you live in, I’m on the south shore and my town gave me a Class A, unrestricted.
Thanks for the ping. Millionaires are smarter than the class warriors think they are.
I wonder how long it will be until we see the first Berlin Wall built in America?
btt
“Moving to a different state for now IS a good way to fight back... “
If all the conservatives in California (where their votes are meaningless) would move to a swing state, the effect would be enormous on the national electorate.
Conservatives need to leave those hopelessly liberal states and go where their vote can make a real difference for America and it’s future.
I’m thinking Taiwan. They aren’t a member of the UN.
After the legislature raised sales tax here another percent (to nine percent!), sales tax revenues dropped 40% in April.
Incredible isn't it? I am acquainted with an attorney whose entire practise is based on protecting people's (and business's) money from the federal government. He is very smart and very good at what he does. A lot smarter than the politicians who seek to extract hard earned money from the successful and providential citizens of the nation. I bet he has lots of colleagues in states like Maryland.
Laying off the breadwinners who depend on the rich owner for their jobs to provide them with income is a way to fight back?
I’m not a millionaire, but Maryland taxes drove me out 10 years ago!
You're joking, right?
What do they do when they catch you? Search your car without a warrant? Arrest you for buying something in a tax-free state? Demand to see your receipts and write you a ticket for the sales tax?
>>>Laying off the breadwinners who depend on the rich owner for their jobs to provide them with income is a way to fight back?
there’s plenty of ways to reduce personal income without laying off employees.
Maximum contributions to tax deferred savings accts,
Maximum allowable contributions to charity,
a dramatic cut in pay to invest in research,
or for those who can afford it, an extended leave of absence to spend more time with the family... anything to reduce that bottom line on the 1040.
>>>Conservatives need to leave those hopelessly liberal states and go where their vote can make a real difference for America and it’s future.
I don’t think they need any prodding on that one, and I agree.
They will just blame Bush in the media though.
We have to figure out how to deal with them too.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
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