Posted on 05/26/2009 10:41:34 AM PDT by Mikey_1962
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
(Excerpt) Read more at online.wsj.com ...
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Where at? I’m thinking of bailing from Maryland, too, as much as I hate to. This is my home state, but it used to be less greedy.
Atlas Shrugged ping
Great post and tagline!
Truth is, for socialists, communists, leftists, facists, liberals to succeed, for any amount of time, they have to restrict the movement of people. You have to force them to work, not let them move freely, not let them leave their space.
Otherwise it fails, always has, always will. The most successful of their kind have lasted the longest by restricting the free movement and free speech of mankind.
“They” can try to restrict our movement, but
now we are “virtually” free to go anywhere
via the internet.
Saul Alinsky never saw this coming.
He whom the Son sets free is free indeed!
Thank you. Spread the WORD!
This you say is only true until they police the internet...hence the danger of a cyberczar.
No matter what, and I do not count on any of the crooks and weenie scum in the Congress(they are useless), this stuff has to be stopped.
Atlas Shrugged ping!
I went to WVU for a few years.
Just saw a clip on the news a few months ago about Morgantown being in the middle of an economic boom despite the national recession.
My wife and I are moving our business and residence from Maine to NH. We estimate a $20,000/year savings in income tax alone.
As the Iron Lady, Margaret Thatcher said, “Socialism is great until you run out of someone else’s money.”
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