Curmudgeonly & Skeptical presents Boned Jello: Maryland, My STUPID MFCS Maryland

Thursday, May 14, 2009

Maryland, My STUPID MFCS Maryland

Maryland plan to tax millionaires backfires

"The revenue figures are ugly," Franchot said in an interview. "Right now, we're digging through a pile of tax returns and trying to understand this."

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A year ago, Maryland became one of the first states in the nation to create a higher tax bracket for millionaires as part of a broader package of maneuvers intended to help balance the state's finances and make the tax code more progressive.

But as the state comptroller's office sifts through this year's returns, it is finding that the number of Marylanders with more than $1 million in taxable income who filed by the end of April has fallen by one-third, to about 2,000. Taxes collected from those returns as of last month have declined by roughly $100 million.

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"I've cut this board three times and it's STILL too short." - rickn8or

Tip from Kristopher

Rodger the Real King of France 5/14/2009 04:40:00 PM 15 Comments

"If the number of Islamic terror attacks continues at the current rate, candlelight vigils will soon be the number-one cause of global warming. "
Argus Hamilton

15 comments:

Anonymous said...: Didn't we see this in the 90's?; 5/14/09, 4:58 PM
Anonymous said...: I suppose they never considered that it's probably easier for a Millionaire to move across state lines than just about any other tax payer?
equal rights means equal taxation; 5/14/09, 5:06 PM
Rodger the Real King of France said...: :
"Only 53 percent of American adults believe capitalism is better than socialism"

_______________

We're a schooled, but uneducated nation. I'm in defensive mode.
:; 5/14/09, 5:31 PM
rockville said...: No need to waste time and dollars looking through the tax returns; I have your answer right here, Mr. Franchot. It's called the Laffer Curve. Perhaps your partisanship led you to dismiss it as "voodoo economics".; 5/14/09, 5:56 PM
AnnoyedOne said...: Reminds me of what happened to South Africa when apartheid was abolished in 1991. Many whites, knowing what was coming, wanted to leave the country so the gummint restricted the amount of money they could take with them. So, these South Africans converted their assets into gold, smuggled it out, and started new lives in another country (many went to Australia).; 5/14/09, 6:06 PM
skh.pcola said...: I guess y'all don't know about this, right?

But don't renounce your U.S. citizenship. A 2008 law snags most citizens and permanent residents worth more than $2 million by requiring them to pay an "exit tax"--at 40%, the highest marginal rate--on paper gains on assets above $600,000 when they leave. Set foot on U.S. soil for 30-plus days a year after that and Uncle Sam considers you a citizen again for tax purposes.The US is now on par with repressive, regressive regimes down through history. We're also one of the few nations that taxes income based on citizenship instead of where the money was earned. Expect our woes to worsen under Øbama and his merry gang of thieving henchmen.

Linky:
http://www.forbes.com/forbes/2009/0511/066-billionaires-survivors-guide-protecting-assets.html

I'm still here, Rodger...dang near every day...just don't comment much, since Blogger doesn't play nice with the Opera browser.

skh.pcola; 5/14/09, 7:31 PM
Anonymous said...: Taint all, ten years income presumed to be subject to us uncome taxes after you leave and renounce your citizenship because it is presumed you remounced for tax avoidance. You cannot remove yor us assets you cannot collect income from your us assets (without paying us income tax even if you are no longer a us citizen) and soon currency controls - because the rest of the workd will be a better place to put your money thab here.; 5/14/09, 8:49 PM
Anonymous said...: Ever notice the Federal Gubment is like a rock in your shoe, that just keeps growing.

Now the city gives me cops and streets. The state gives me a turnpike and a fishing license. (At my expense)What the hell do I get for my Federal Tax dollar? The Karl Marx Brothers?

States rights is the only way out of this.; 5/14/09, 9:28 PM
pdwalker said...: Ah, great plan. It's called "taxing your way to prosperity". Works every time.*

* assuming you are doing it right. If not, increase the taxes some more and try harder.; 5/14/09, 10:02 PM
Anonymous said...: It's just like you were saying down at the liquor store the other day, Rodger, "Democrats are genetically incapable of understanding economics." Here in Michigan, our lovely Governor Jennifer Granholm is scratching her head saying, "I've raised every tax and fee in the state twice and we still aren't prosperous. What more can I do?"
GrinfilledCelt; 5/14/09, 11:12 PM
rickn8or said...: GrinfilledCelt--
"I've cut this board three times and it's STILL too short."; 5/15/09, 12:38 AM
Jacques said...: "While some say they have heard anecdotal evidence of the wealthy packing it up, officials say there's no proof yet of such a development." Well of course not silly wabbit, twicks are for kids. Why would they say that there is proof they screwed up?; 5/15/09, 1:57 AM
Anonymous said...: Love the quote at the end of the article re: how the wealthy don't care about a measly 1% tax increase as they can well afford it. That misses the point completely. I have several friends who are very wealthy and they watch every penny like a hawk when it comes to issues like this. They care very deeply when the government wants another point of their income. Plus they very likely own other homes in other states already, such as Florida. Packing up and moving is rather easy for them.; 5/15/09, 7:21 AM
Anonymous said...: Who is John Galt?; 5/15/09, 8:01 AM
Anonymous said...: How d'ya think they got to be millionaires? They pay attention. They don't waste their income on frivolous things, and minimize the taxes they pay.
Slap them in the face, and punish them for being industrious, and you will find out how well they can maneuver out from under your thumb.
They're not as stupid as the Gov.
tom; 5/15/09, 10:09 AM

Thursday, May 14, 2009

Maryland, My STUPID MFCS Maryland

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