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From the Wall Street Journal. "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,' because they left. "No doubt the majority of that loss in millionaire filings results from the recession. … 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. All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class," as the rich millionaires leave to avoid the tax.
So what would happen if ALL states did something similar?
In any case, I don't feel bad for millionaires. If *I* had that kind of money, I would be happy to give it to the state, so long as I believed in their programs.
From the Wall Street Journal. "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,' because they left. "No doubt the majority of that loss in millionaire filings results from the recession. … 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. All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class," as the rich millionaires leave to avoid the tax.
So far, nationwide the millionaire population has fallen 30% (also from the WSJ), so Maryland's numbers is right in line.
(Nice try to blame the liberals. It's happening in all states, no matter who is in charge, some more, some less).....
Britian has lost 50% of theirs. Canada 25%.
So either they are moving to Dubai (they really believe in their country) , or they all gambled on the wrong winner on 'Dancing with the Stars'.
So what would happen if ALL states did something similar?
In any case, I don't feel bad for millionaires. If *I* had that kind of money, I would be happy to give it to the state, so long as I believed in their programs.
Easy thing to say when you aren't one. I think your feelings would be different if you actually had the money and were being told to give more of it away.
So what would happen if ALL states did something similar?
In any case, I don't feel bad for millionaires. If *I* had that kind of money, I would be happy to give it to the state, so long as I believed in their programs.
So you are willing to work hard earn a dollar and give it away?
So would you like to make my car payment for me? I just dont feel like paying it. I think you should work and pay my bills
So what would happen if ALL states did something similar?
Costa Rica and Belize spring immediately to mind.
Quote:
Originally Posted by bls5555
Easy thing to say when you aren't one. I think your feelings would be different if you actually had the money and were being told to give more of it away.
And after they have taxed all states as such and the rich moved to other countries, will they then start supporting war on the nations they moved to so they can move in and tax those countries? *chuckle*
So what would happen if ALL states did something similar?
In any case, I don't feel bad for millionaires. If *I* had that kind of money, I would be happy to give it to the state, so long as I believed in their programs.
"You willl find no more generous person who offers to give when they have nothing to give."
So what would happen if ALL states did something similar?
In any case, I don't feel bad for millionaires. If *I* had that kind of money, I would be happy to give it to the state, so long as I believed in their programs.
With that attitude, I don't think you have to worry about ever retaining that much money.
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