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Politics : Politics for Pros- moderated

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From: LindyBill	5/26/2009 4:10:42 AM
	2 Recommendations of 793897

Taxing the Rich PATTERICO By DRJ Last year, Maryland lawmakers decided to balance the budget by creating a millionaire tax bracket that raised the top marginal income-tax rate to 6.25%. One year later, there are 1/3 fewer Maryland millionaires and state collections from millionaires have plummeted by $100M: >>> "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."<<< The shortfall apparently results from some rich taxpayers moving out-of-state and a decline in the number of millionaires due to the recession. And it's another example of why it's unwise to depend solely on the rich for revenue.

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