Millionaires Go Missing

[Kangaroo]

Perfect example of How stupid Politicians are and how funny when they jumped up the taxes they ended up with less :rake: :rake:

http://online.wsj.com/article/SB124329282377252471.html

Millionaires Go Missing

Maryland's fleeced taxpayers fight back.


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.

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 (see here).

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 like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."

All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class. Thanks to the futility of soaking the rich, these working families will now pay Mr. O'Malley's "fair share."

[iceberg]

i will never for the life of me understand why the rich should pay for everything and we punish their success by making them do so.

it's such a contradiction to what we're *supposed* to be about. go as far as you're willing to work. succeed as high as you're willing to take it.

wait - you did too well. now you must pay for those who can't or won't do as well. unfortuatnely poor people have few choices but to grin and bear it. rich can spend money and move. looks like they have and it was sheer stupidity to keep the "pay your fair share!" mantra going.

[sacase]

I love it I am glad they are moving. Just proves a point.

[JBond]

You can only abuse the people who pay all the bills for so long before they get fed up and decide they are not going to take it any longer. NYC is learning a similar lesson. California will soon follow.

[Angus]

You can only abuse the people who pay all the bills for so long before they get fed up and decide they are not going to take it any longer. NYC is learning a similar lesson. California will soon follow.

The trouble is, they are moving to Texas.

:D

[bbgun]

You mean when you punitively tax something, you tend to produce less of it? Interesting.

[JBond]

You mean when you punitively tax something, you tend to produce less of it? Interesting.

LOL. Who knew, right?

You just have to shake your head at the volume of incompetence exhibited by the left wing.

[trickblue]

You mean when you punitively tax something, you tend to produce less of it? Interesting.

Funny how that works...

[DFWJC]

i will never for the life of me understand why the rich should pay for everything and we punish their success by making them do so.

it's such a contradiction to what we're *supposed* to be about. go as far as you're willing to work. succeed as high as you're willing to take it.

wait - you did too well. now you must pay for those who can't or won't do as well. unfortuatnely poor people have few choices but to grin and bear it. rich can spend money and move. looks like they have and it was sheer stupidity to keep the "pay your fair share!" mantra going.

So, so VERY true.

[Jordan55]

It will be interesting to see how many corporations are vamoosing to other countries
Just the facts
Currently, the average combined federal and state corporate tax rate in the U.S. is 39.3 percent, second among OECD countries to Japan's combined rate of 39.5 percent.1 Lowering the federal rate to 30.5 percent would only lower the U.S.'s ranking to fifth highest among industrialized countries.

More recently, other members of Congress—including Sen. John McCain and Congressman Eric Cantor—have released proposals to cut the corporate rate even deeper to 25 percent. While this lower rate would improve the U.S.'s international ranking and competitiveness, that improvement would be mitigated by the high corporate tax rates imposed by many states.

Many states impose state corporate income taxes at rates above the national average of 6.6 percent. Iowa, for example, imposes the highest corporate tax rate of 12 percent, followed by Pennsylvania's 9.99 percent rate and Minnesota's 9.8 percent rate. When added to the federal rate, these states tax their businesses at rates far in excess of all other OECD countries.

When compared to other OECD countries:

24 U.S. states have a combined corporate tax rate higher than top-ranked Japan.
32 states have a combined corporate tax rate higher than third-ranked Germany.
46 states have a combined corporate tax rate higher than fourth-ranked Canada.
All 50 states have a combined corporate tax rate higher than fifth-ranked France

[iceberg]

It will be interesting to see how many corporations are vamoosing to other countries
Just the facts
Currently, the average combined federal and state corporate tax rate in the U.S. is 39.3 percent, second among OECD countries to Japan's combined rate of 39.5 percent.1 Lowering the federal rate to 30.5 percent would only lower the U.S.'s ranking to fifth highest among industrialized countries.

More recently, other members of Congress—including Sen. John McCain and Congressman Eric Cantor—have released proposals to cut the corporate rate even deeper to 25 percent. While this lower rate would improve the U.S.'s international ranking and competitiveness, that improvement would be mitigated by the high corporate tax rates imposed by many states.

Many states impose state corporate income taxes at rates above the national average of 6.6 percent. Iowa, for example, imposes the highest corporate tax rate of 12 percent, followed by Pennsylvania's 9.99 percent rate and Minnesota's 9.8 percent rate. When added to the federal rate, these states tax their businesses at rates far in excess of all other OECD countries.

When compared to other OECD countries:

24 U.S. states have a combined corporate tax rate higher than top-ranked Japan.
32 states have a combined corporate tax rate higher than third-ranked Germany.
46 states have a combined corporate tax rate higher than fourth-ranked Canada.
All 50 states have a combined corporate tax rate higher than fifth-ranked France

for too long we've looked at our own spending as a void no one really understands. where it comes from, where it goes, how it gets replinished. it's easy to lose sight of my $5k in a billion dollar budget so to speak. but here we are, taxing vs. credit for the same purpose to get more revenue. only it doesn't work well in the private sector. people who have money will eventually look for ways to protect it.

especially if told to 'spread the wealth' (meant it or not that will haunt obama for a long long time - we needed bobby brown to be there and say 'i made this money, you didn't!' but oh well. pop culture only goes so far) - and then proceed to squander it in a manner that every "wealthy" person knows is foolish.

obama says that since the governent bailed out the auto industry, he has a right to drive it for awhile till they give the money back. so can *we the people* who fund the government have a right to drive it now also? the example has been set, right? i give you money i can tell you how to spend it?

how come it never works the other way around?

people who have money will by defination "get by" - but again, when pushed they will find ways to protect it, which politicians shout out is taking advantage of the system of which is already taking advantage of us.

the government needs to stop trying to fix everything with a blank check and get back to having people do something really strange.

work for what they want in life.

[Jordan55]

for too long we've looked at our own spending as a void no one really understands. where it comes from, where it goes, how it gets replinished. it's easy to lose sight of my $5k in a billion dollar budget so to speak. but here we are, taxing vs. credit for the same purpose to get more revenue. only it doesn't work well in the private sector. people who have money will eventually look for ways to protect it.

especially if told to 'spread the wealth' (meant it or not that will haunt obama for a long long time - we needed bobby brown to be there and say 'i made this money, you didn't!' but oh well. pop culture only goes so far) - and then proceed to squander it in a manner that every "wealthy" person knows is foolish.

obama says that since the governent bailed out the auto industry, he has a right to drive it for awhile till they give the money back. so can *we the people* who fund the government have a right to drive it now also? the example has been set, right? i give you money i can tell you how to spend it?

how come it never works the other way around?

people who have money will by defination "get by" - but again, when pushed they will find ways to protect it, which politicians shout out is taking advantage of the system of which is already taking advantage of us.

the government needs to stop trying to fix everything with a blank check and get back to having people do something really strange.

work for what they want in life.

Couldn't have said it Better!:bow:

[arglebargle]

Hey, I think you missed something.....

"No doubt the majority of that loss in millionaire filings results from the recession."

[Jordan55]

Hey, I think you missed something.....

"No doubt the majority of that loss in millionaire filings results from the recession."


Everyone is losing there posterior and yet our government continues to spend without the anticipated revenue coming in further deeping the hole this administration is digging, now the solution is a national sales tax on everyone.
I just read where if you calculate the lost revenue from taxes for the next 7 months and add it to this years debt, we should go from 1.8 trillion to 3 trillion.
I not blaming the recession anymore, I looking right at the clowns orchestrating the supposed solution to the recession.:enough:

[JBond]

Everyone is losing there posterior and yet our government continues to spend without the anticipated revenue coming in further deeping the hole this administration is digging, now the solution is a national sales tax on everyone.
I just read where if you calculate the lost revenue from taxes for the next 7 months and add it to this years debt, we should go from 1.8 trillion to 3 trillion.
I not blaming the recession anymore, I looking right at the clowns orchestrating the supposed solution to the recession.:enough:
The idiots that helped create the recession are to stupid to get out of the way and let the producers fix it. Why in the world any fool would trust donkey's like Chris Dodd and Barney Frank to fix banking issues is beyond comprehension. That can be said of most areas the government has mucked up. They are not the solution.

"I am here from the government and we are here to help" should terrify any sane person.

[WarC]

i will never for the life of me understand why the rich should pay for everything and we punish their success by making them do so.

Because the wealthy in this country already control, own, and enjoy most of the things that make society good. So it follows logic that they should pay a bigger percentage in tax which keeps that society going.

We're all the same kind of human. Some of us adapt to living on 10k a year, some of us adapt to living on 10 mil a year. Is the man in poverty supposed to fit the bill? Ten percent of 10,000 dollars is a much bigger perceivable hit in the pocket than ten percent, twenty percent, FIFTY PERCENT of 10,000,000.

The wealthy in this country crying over not-even-ten-percent income taxation is crocodile tears...Gimme a break!

[jrumann59]

Back story to all this that makes it even more sad. When O'Malley took office the outgoing ehmmm republican governor had a 900 million dollar surplus. one year under O'Malley's rule we have a 300 million dollar deficit. O'Malley raised taxes, Ehrlich raised fees like registration renewal. O"malley promised the slots initiative would be a golden goose, it is a golden goose egg right now. But some how nothing sticks to him, hence the nickname, Teflon Leprechaun. I am sorry if the Leprechaun term is considered racist.

[jrumann59]

Because the wealthy in this country already control, own, and enjoy most of the things that make society good. So it follows logic that they should pay a bigger percentage in tax which keeps that society going.

We're all the same kind of human. Some of us adapt to living on 10k a year, some of us adapt to living on 10 mil a year. Is the man in poverty supposed to fit the bill? Ten percent of 10,000 dollars is a much bigger perceivable hit in the pocket than ten percent, twenty percent, FIFTY PERCENT of 10,000,000.

The wealthy in this country crying over not-even-ten-percent income taxation is crocodile tears...Gimme a break!

Spoken like a true socialist. You see that guy making 10,000,000 may be signing your paycheck, where as the guy making 10k is getting money from the line your check thats says Payroll Tax. You also forget when the rich shelter their money legally and illegally or their isn't enough to cover the red ink they move from the people with the most money per capita to the capita with the most money which is the middle class. The middle class pays for the majority of everything. Since you probably do not know this MD is one of the most expensive states to live in where housing is expensive, there are condos that are being sold for 300K right now. Townhouses in the nicer counties start at 300K.

[iceberg]

Because the wealthy in this country already control, own, and enjoy most of the things that make society good. So it follows logic that they should pay a bigger percentage in tax which keeps that society going.

We're all the same kind of human. Some of us adapt to living on 10k a year, some of us adapt to living on 10 mil a year. Is the man in poverty supposed to fit the bill? Ten percent of 10,000 dollars is a much bigger perceivable hit in the pocket than ten percent, twenty percent, FIFTY PERCENT of 10,000,000.

The wealthy in this country crying over not-even-ten-percent income taxation is crocodile tears...Gimme a break!

you are more than welcome to get off your arse and go make your own money vs. sitting around saying "damn, you have too much - gimme!!!"

you want some - go get some but if you want everyone equal we got countries out there for ya - this ain't it. here, you go as far as your own ambition and courage will take you.

if you never make it to BE rich - your own fault.

if i have 1,000 and you don't have a dime, i don't OWE you a thing but that's the mentality you seem to have. now if you could put that passion into earning your own way...

[ABQCOWBOY]

Because the wealthy in this country already control, own, and enjoy most of the things that make society good. So it follows logic that they should pay a bigger percentage in tax which keeps that society going.

We're all the same kind of human. Some of us adapt to living on 10k a year, some of us adapt to living on 10 mil a year. Is the man in poverty supposed to fit the bill? Ten percent of 10,000 dollars is a much bigger perceivable hit in the pocket than ten percent, twenty percent, FIFTY PERCENT of 10,000,000.

The wealthy in this country crying over not-even-ten-percent income taxation is crocodile tears...Gimme a break!

I suspect your going to get that break your looking for pretty soon. It strikes me that your missing the point here. Forgive me if I am wrong but the message is that what you are describing in your post is exactly what is causing the problem. Those who have the money are moving away from the higher taxation. It is creating a deficit which will fall back on the less wealthy. The so called 10K poverty segment are the ones who will eventually have to fill the void.

You can't tax a certain segment of the population this way and expect them to stand still for it. I don't care how much you believe it's fair, it won't work. It's the difference between how you want things to work (if you subscribe to this redistribution theory) and how they actually do work.