Maryland missing 1/3 of its millionaires

jimpeel

jimpeel

Well-Known Member
(Sung to the tune of "I fought the law")

We taxed the rich and the rich ran,
we taxed the rich and the rich ran ...

It seems that when you tax people enough they will simply move away from the tax. New York has done the same thing knowing full well that the majority of tax revenue in the city comes from 40,000 individuals. It will be interesting to see how many they lose in the near future.

The three top tax states, New York, New Jersey, and California not only have the greatest budget deficits but are losing residents like there is a land rush everywhere but there.

WSJ / FoxNews Video Link

WSJ Opinion Journal Video Link

WSJ PRINT SOURCE

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."
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6.25% .... I think I want to move to Maryland.



Naw, even saving that much tax isn't worth that.
 
If it's conservative, we can count on the intelligennsia to dismiss it outright.
 
jimpeel said:
... <<snippety snip>>
It seems that when you tax people enough they will simply move away from the tax. New York has done the same thing knowing full well that the majority of tax revenue in the city comes from 40,000 individuals. It will be interesting to see how many they lose in the near future.

The three top tax states, New York, New Jersey, and California not only have the greatest budget deficits but are losing residents like there is a land rush everywhere but there.

WSJ / FoxNews Video Link

WSJ Opinion Journal Video Link

WSJ PRINT SOURCE
Click to expand...
They are moving to Texas. There is no state income tax in Texas. We have several neighbors from California here. They sold their small homes in California and found that they could afford 10+ acres and a custom home here in Texas. And without an income tax they can keep it up.

There have been many failed attempts at creating a state income tax in Texas. I do not predict it will ever succeed. No one... and I mean NO ONE in Texas wants a State income tax here. We just force our legislators to balance the budget with cuts to programs and RIFS to state agencies. Besides that, we do not supplement the federal welfare amounts.
 
Frodo said:
Atlas Shrugged.
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The Fountainhead was better. Atlas Shrugged was 500 pages riddled with boring speeches... all of them the same. That book could have been 200 pages and still would have given the same story. I think she felt a lot of pressure after The Fountainhead to get another book out. The whole thing felt rushed and never measured up to The Fountainhead.

(I laughed at the end with the Entrepreneur Militia comes storming in to save the hero. LOL! So unbelievable! They'd save their own hide and nothing more. :lol: )
 
valkyrie said:
They are moving to Texas. There is no state income tax in Texas. We have several neighbors from California here. They sold their small homes in California and found that they could afford 10+ acres and a custom home here in Texas. And without an income tax they can keep it up.

There have been many failed attempts at creating a state income tax in Texas. I do not predict it will ever succeed. No one... and I mean NO ONE in Texas wants a State income tax here. We just force our legislators to balance the budget with cuts to programs and RIFS to state agencies. Besides that, we do not supplement the federal welfare amounts.
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The girlfriend is looking at moving to Texas to teach because of what things are like out here... I've found a lot of nice houses that would be easily affordable if I could make something similar to what I make here, which is pocket change. But I'm not sure what I could expect to make out there if I could even find a newspaper job at all.
 
Gonz said:
If it's conservative, we can count on the intelligennsia to dismiss it outright.
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i don't think that it was classified as "conservative" when ayn showed up on the scene. more like laughably amateurish. pop philosophy for truck drivers and dental hygienists.
 
Inkara1 said:
The girlfriend is looking at moving to Texas to teach because of what things are like out here... I've found a lot of nice houses that would be easily affordable if I could make something similar to what I make here, which is pocket change. But I'm not sure what I could expect to make out there if I could even find a newspaper job at all.
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Texas has a lot of California transplants doing fine and well in Texas.

According to Monster.com...
The median expected salary for a typical Reporter I in Austin, TX 78752, is $30,132.
The median expected salary for a typical Reporter II in Austin, TX 78752, is $35,859.
The median expected salary for a typical Reporter III in Austin, TX 78752, is $48,660.

I used Austin, TX 78752 as an example. You can check for other cities as well. Whether or not there are jobs available around Texas I don't know.

Tell your girlfriend to check the school district before committing. They are not all good to work for (as she probably already knows).
 
"Rand's political views, reflected in both her fiction and her theoretical work, emphasize individual rights (including property rights) and laissez-faire capitalism, enforced by constitutionally limited government. She was a fierce opponent of all forms of collectivism and statism,[5][6] including fascism, communism, and the welfare state.[7] She was also an atheist, and promoted ethical egoism (which she termed "rational self-interest") while condemning altruism.[8]"
Ayn Rand-Wikipedia
Ayn Rand Institute
Ayn Rand on her philosophy, Objectivism, 1962
"At a sales conference at Random House, preceding the publication of Atlas Shrugged, one of the book salesmen asked me whether I could present the essence of my philosophy while standing on one foot. I did as follows:

1. Metaphysics Objective Reality
2. Epistemology Reason
3. Ethics Self-interest
4. Politics Capitalism
....<<snippety snip>>....
My philosophy, Objectivism, holds that:

1. Reality exists as an objective absolute—facts are facts, independent of man’s feelings, wishes, hopes or fears.
2. Reason (the faculty which identifies and integrates the material provided by man’s senses) is man’s only means of perceiving reality, his only source of knowledge, his only guide to action, and his basic means of survival.
3. Man—every man—is an end in himself, not the means to the ends of others. He must exist for his own sake, neither sacrificing himself to others nor sacrificing others to himself. The pursuit of his own rational self-interest and of his own happiness is the highest moral purpose of his life.
4. The ideal political-economic system is laissez-faire capitalism. It is a system where men deal with one another, not as victims and executioners, nor as masters and slaves, but as traders, by free, voluntary exchange to mutual benefit. It is a system where no man may obtain any values from others by resorting to physical force, and no man may initiate the use of physical force against others. The government acts only as a policeman that protects man’s rights; it uses physical force only in retaliation and only against those who initiate its use, such as criminals or foreign invaders. In a system of full capitalism, there should be (but, historically, has not yet been) a complete separation of state and economics, in the same way and for the same reasons as the separation of state and church."
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um, why would you even go into a mall to begin with? i avoid them entirely. do they even have anything worth buying at those places?
 
valkyrie said:
Texas has a lot of California transplants doing fine and well in Texas.

According to Monster.com...
The median expected salary for a typical Reporter I in Austin, TX 78752, is $30,132.
The median expected salary for a typical Reporter II in Austin, TX 78752, is $35,859.
The median expected salary for a typical Reporter III in Austin, TX 78752, is $48,660.

I used Austin, TX 78752 as an example. You can check for other cities as well. Whether or not there are jobs available around Texas I don't know.

Tell your girlfriend to check the school district before committing. They are not all good to work for (as she probably already knows).
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Median expected salary for Reporter I in San Luis Obispo, CA is $32,917. Yet, if I were to move to Texas and get the median expected salary, it would be a pay raise of more than $400 a month over what I'm making now in a more expensive area with four years of experience.
 
The stars at night, are big and bright,:clap:
deep in the heart of Texas,
The prairie sky is wide and high,:clap:
deep in the heart of Texas.
The sage in bloom is like perfume,:clap:
deep in the heart of Texas,
Reminds me of, the one I love,:clap:
deep in the heart of Texas.
 
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