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03-30-2010, 11:40 PM #1
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"Atlas Shrugged" taxes blow up in Maryland's face
"Atlas Shrugged" taxes blow up in Maryland's face
Friday, March 12, 2010
From Daily Crux Editor Tom Washington:
The state of Maryland is watching Atlas Shrugged play out in real life…
A recent tax hike on the state’s wealthiest people was expected to funnel an extra $106 million into state coffers last year. Instead, tax revenues drained from successful people plummeted… and the number of successful filers plummeted as well.
Sure, the recession damaged incomes, but it’s obvious some people are leaving the state… rather than stick around and pay for hundreds of thousands of moochers.
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03-30-2010, 11:41 PM #2
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MARCH 12, 2010
Maryland's Mobile Millionaires: Income tax rates go up, rich taxpayers vanish
Comments 129
Illinois Governor Pat Quinn is the latest Democrat to demand a tax increase, this week proposing to raise the state's top marginal individual income tax rate to 4% from 3%. He'd better hope this works out better than it has for Maryland.
We reported in May that after passing a millionaire surtax nearly one-third of Maryland's millionaires had gone missing, thus contributing to a decline in state revenues. The politicians in Annapolis had said they'd collect $106 million by raising its income tax rate on millionaire households to 6.25% from 4.75%. In cities like Baltimore and Bethesda, which apply add-on income taxes, the top tax rate with the surcharge now reaches as high as 9.3%—fifth highest in the nation. Liberals said this was based on incomplete data and that rich Marylanders hadn't fled the state.
Well, the state comptroller's office now has the final tax return data for 2008, the first year that the higher tax rates applied. The number of millionaire tax returns fell sharply to 5,529 from 7,898 in 2007, a 30% tumble. The taxes paid by rich filers fell by 22%, and instead of their payments increasing by $106 million, they fell by some $257 million.
Yes, a big part of that decline results from the recession that eroded incomes, especially from capital gains. But there is also little doubt that some rich people moved out or filed their taxes in other states with lower burdens. One-in-eight millionaires who filed a Maryland tax return in 2007 filed no return in 2008. Some died, but the others presumably changed their state of residence. (Hint to the class warfare crowd: A lot of rich people have two homes.)
A Bank of America Merrill Lynch analysis of federal tax return data on people who migrated from one state to another found that Maryland lost $1 billion of its net tax base in 2008 by residents moving to other states. That's income that's now being taxed and is financing services in Virginia, South Carolina and elsewhere.
States like Florida and Texas have no personal income tax, so the savings for a rich person who stops paying taxes in Baltimore or Montgomery County can be in the hundreds of thousands of dollars each year. Montgomery County, outside of Washington, D.C., is Maryland's wealthiest and was especially clobbered, losing nearly $4 billion in taxable income in 2008, with some 80% of those lost dollars from high-income returns.
Thanks in part to its soak-the-rich theology, Maryland still has a $2 billion deficit and Montgomery County is $760 million in the red. Governor Martin O'Malley's office tells us he wants the higher rates to expire "as scheduled at the end of 2010." But there are bills in both chambers of the legislature to extend the surcharge. The state's best hope is that politicians in other states are as self-destructive as those in Annapolis.
Printed in The Wall Street Journal, page A18
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03-31-2010, 11:44 AM #3AprilGuest
Calls needed to demand national guard be placed at the Border!!!
http://www.alipac.us/ftopict-193397.html
Biden may hand out green cards to 4,000 illegal migrants per year
03-28-2024, 01:54 PM in Videos about Illegal Immigration, refugee programs, globalism, & socialism