MonsterMark
Dedicated LVC Member
Read the whole Wall Street Journal article here.
"Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy." [snip]
But this all you really need to read. Liberal economics 101.:shifty:
"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." [snip]
"Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy." [snip]
But this all you really need to read. Liberal economics 101.:shifty:
"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." [snip]