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Maybe they have the same accountants as General Electric. I know if I ever win the lottery I'll hire them and won't have to pay a dime in taxes.
Hey, why doesn't the Federal Government hire these same accountants? They could find a way to write off the entire US debt!
Remember the luxury tax that drove most of our yacht building industry off shore? stupid people have short memories
At one time in this country people in the highest tax brackets where tax at 70% to 90% of their income over a certain amount. You didn't see the richest people in this country leave in droves. What changed? GREED, as a society we have grown increasingly self centered and greedy.
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.
Let's see, the don't pay taxes, they leave the state to go where they won't pay taxes ... that hurts tax revenue, how?
They did pay taxes fb. But MD wanted them to pay more taxes so they left.
From the OP's link:
"..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."
At one time in this country people in the highest tax brackets where tax at 70% to 90% of their income over a certain amount. You didn't see the richest people in this country leave in droves. What changed? GREED, as a society we have grown increasingly self centered and greedy.
There were far more loopholes in the tax code prior to Reagan, he ended the loopholes and reduced the income tax rate to 28% and tax revenue grew.
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.
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