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May 26, 2009

Maryland's Missing Millionaires

Hopefully the looters running Maryland are learning a lesson regarding the limits of the eat-the-rich politics so fashionable among Obamunists:

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.

This is in part due to the recession, but largely due to the wealthy escaping Maryland, just as they've been escaping California, New York, and New Jersey. The middle class is left behind to pay for grotesquely metastasizing government. When it is taxed out of existence, Maryland will turn into a giant Detroit.

But this can't happen at a federal level. You can't escape Obama's "spread the wealth around" economics by crossing state lines.

Instead, those with wealth and the companies that create that wealth will be forced to leave the country.

Then we won't have them to oppress us with employment anymore, and Detroit will stretch from sea to shining sea.

On a tip from baldeagle390.

Posted by Van Helsing at May 26, 2009 8:38 AM

Comments

but won't the newest member of the Supremes rule that the rich that moved have to move back???

Posted by: blue at May 26, 2009 8:52 AM

One thing about "The Rich" is that they dont have to remain in America to pay the taxes. I keep seeing tv commercials for Ireland and Macedonia trying to lure people and businesses with tax rates of 0-10% for 10 years. Im sure other countries are actively trying to lure Americas rich to their countries via less obvious means.

Posted by: FUBAR at May 26, 2009 9:01 AM

It is just not the people leaving. Business are also leaving with them to more frendly places.

These types of people, who have wealth, are also the same people who often generate wealth for others, and they are also taking their 'toys' with them when they go.

The long term result is just not the State's loss of the income revenue of the individual, but also the loss of the business tax revenue that goes along with these individuals.

Posted by: Oiao at May 26, 2009 9:04 AM

But its 'fair'!

Posted by: Shooter1001 at May 26, 2009 9:04 AM

I know you have received the "Atlas Shrugged" warning before but still, isn't what's happening in this country an amazing prediction?

Posted by: oldguy at May 26, 2009 9:14 AM

In the end all the administration thinks about is raw power. In fact impoverishing America makes perfect sense - the worse things get, the more people will look to Lord Obama for help. He will toss them a few crumbs and say "Dont forget! Vote Democrat!"

Posted by: John Galt at May 26, 2009 9:24 AM

When I left Maryland 7 years ago part of the reason was the 'rentors tax'(which I call it). Little did I know because I didn't own property, and worked in WV, I had to pay MD approximately $100/month as a 'non resident'. Florida, for now, is a fabulous alternative (although MD is lovely country).

Posted by: Eric at May 26, 2009 9:29 AM

Oh, and don't tell them because they still haven't collected a dime from me.

Posted by: Eric at May 26, 2009 9:30 AM

Oiao:

Business are also leaving with them to more friendly places.

Yup. One of those "more friendly places" is Dallas, TX. For the last decade, the powers-that-be in Dallas have made it a point to make the city an extremely tax- and business-friendly one.

God bless Texas.

Posted by: GeronimoRumplestiltskin at May 26, 2009 9:48 AM

Ah, Maryland, my favorite state.

Just got a call from a bureaucrat down there to tell me they still haven't gotten around to reviewing the plans I submitted to them three weeks ago.

But lookit, If you want to pay high taxes and go before a zoning board, a planning board and a couple historic boards to get approval to put a doghouse in your back yard, it's a great place to live.

Posted by: forest at May 26, 2009 9:51 AM

you serve your masters well.

Posted by: wingnutcracker at May 26, 2009 9:55 AM

Oh, noes! wingnutcracker is on to us! Alert the Bilderbergers, we have a Code Red, Repeat a Code Red!

Posted by: The International Zionist Conspiracy at May 26, 2009 10:13 AM

Maybe with all the "stimulus" money coming his way, wingnutcracker could purchase a book on grammar. Topics could include 'when one should capitalize certain letters', etc.....

Posted by: GeronimoRumplestiltskin at May 26, 2009 10:49 AM

When I left Maryland in 1990 to go to College it was with a heavy heart. I had only good things to say (about MD) and fond memories.

Now that I'm older and wiser (no thanks to College) I am simply ashamed of my home state. I had always intended to return one day but now... the closer I pay attention to what MD stands for, the more it looks California and I simply cannot bring myself to live in California.

Good Bye Maryland.

Posted by: Unscrupulous at May 26, 2009 10:51 AM

capitals are a conspiracy of the rethuglican theocrat right

Posted by: swingingnutlicker at May 26, 2009 10:51 AM

Killing the golden goose is a parable that never seems to sink in. Simply recognizing that wealth holders are very often wealth generators who improve the economic prosperity for all of society is a reality that is too obvious for the warped, liberal mind to grasp.

And wingnutcracker-types serve their masters quite well: Marx, Darwin, Lenin, Freud, Sanger, Kinsey... Ayers/Obama. These ideas continually seep out of academia, infecting generation after generation, increasing the world's misery and contributing to the culture of death.

Posted by: lvb-rocks at May 26, 2009 10:53 AM

"Killing the golden goose is a parable that never seems to sink in."

Leftists really struggle with parables, metaphors, analogies and meaningful comparisons of any kind. I'm starting to think it's a defining characteristic of the liberal mental disorder.

They compare small government conservatives to massive government statist Nazis, and they think that makes perfect sense. Meanwhile, they are flummoxed by the children's parable about killing the goose that laid the golden egg. I'm afraid here's no helping them after they turn 30 or so.

Posted by: forest at May 26, 2009 11:05 AM

Leftists really struggle with parables, metaphors, analogies and meaningful comparisons of any kind.

Which is doubly odd because liberalism is all about "nuance", which is Newspeak for "being able to justify whatever you want." I guess liberalism only allows one to see comparisons that don't make sense, rather than ones that do.

Posted by: CoderInCrisis at May 26, 2009 11:12 AM

A fiscal disaster that occurs from taxing the rich may eventually sink in for liberals when they see the tax base disappear.

The immorality of looting through taxation will never sink in.

Posted by: Fiberal at May 26, 2009 11:14 AM

Seems to me that if you want the rich to pay all of the taxes, then it would be a good idea to make more people rich. Well, when we are all poor then, I guess, liberals will be happy...or not.

Posted by: baldeagle390 at May 26, 2009 11:14 AM

The funny part is that liberals never quite catch on. John Lennon, he of the numerous lefty songs, was shot in New York. Why was he living in New York, you ask? Because at the time Britain was in the grip of socialist fervor that gave them sky-high marginal tax rates, and the UK taxes by residency, not citizenship (unlike the US).

So Lennon wrote and sang his lefty songs from...a non-socialist country, to avoid the taxes so characteristic of socialism.

Imagine lefties, finally catching on at last, that they're policies are rubbish, they're living in the past.

You can say I'm a dreamer, but I'm not the only one, someday you'll join us, and reality will have won.

Posted by: Jay Guevara at May 26, 2009 11:31 AM

Jay:

Most Libs are just one mugging away from becoming Conservatives.

Posted by: Viking04 at May 26, 2009 12:27 PM

I think it's telling that Wingnutcracker can only contribute "you serve your masters well." Is that really all you can say about this very real phenomenon in MD, CA, and NY?
I live in NY, and the local news has something every day about so-and-so leaving the state. Isn't there something more serious you can say than that?
Caspar Wellstone, Brandon, Andy, anybody? Anonymouse?

Posted by: Karin at May 26, 2009 12:50 PM

So a thousand rich B*****DS left. SO WHAT?

I'll tell you "so what": those millionares probably had BUSINESSES that employed a few thousand people. Since they tax property and businesses, it's entirely possible that those businesses were sold or shut down. Not all of those employees would be put out of work, so let's say that only a THOUSAND were.
Doesn't sound bad? Well it gets worse.
That's not only a thousand millionares not paying taxes, but a thousand "little people" are not either. some may have found temporary jobs and are either paying LESS taxes, or none at all because of low incomes. PLUS they will be tightening their family budgets, cutting back on luxuries that would have been bought at stores owned and operated by OTHER "little people" who now find thier income cut.
There's more.
"The EEEVIL rich" employ locals as their servants. These people are now looking for work. Then there is the fact that even "the rich" have to eat, drive and wear clothes, just like you and I. But they are no longer buying gorceries, gas and clothing in Maryland, are they? They no longer patronise Maryland movie theater, festivals, schools, resturants. They no longer give to local charities and clubs, either. More cuts in the local ecconomy.

So go ahead and tax "the rich"; they can afford it, but can YOU?

Posted by: KHarn at May 26, 2009 2:51 PM

Interesting isn't it that there are apologists for tax looting.

The lure of tax looting over-rides every other consideration for liberals.

Even BO had to admit during the campaigns that tax cuts generate more revenues than does raising taxes.
Liberals just can't help themselves.

Posted by: Fiberal at May 26, 2009 7:01 PM

They'll just tax the middle class even more, oops, once the rich leave the middle class won't be there either. I guess they'll have to tax the penniless bums more... Ooops can't do that they don't have any money. I guess the democrats will have to blame the republicans for scaring away the tax base since they'll never take blame for anything they ever do not now not ever.

Posted by: Moonbat skullcracker at May 27, 2009 4:25 AM

I see. *crickets.*

Posted by: Karin at May 27, 2009 6:12 AM

Four hours later and still only *crickets* on this crucial issue.

Posted by: Karin at May 27, 2009 8:24 AM

Limbaugh is on this one now.

Posted by: forest at May 27, 2009 9:18 AM