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Huge New Tax Burden Falls on Middle Class as Millionaires Go Missing

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posted on May, 26 2009 @ 10:34 AM
Why when I read this am I so angered?

Why is it that the folks who enact these laws are allowed to keep thier jobs!

Govenor O'Malley should be fired for his incompetency, and denied unemployment benefits due to being fired with good cause IMHO! Revolt!

Millionaires Go Missing
Wall Street Journal
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%.

This is one of the best examples ever of why the idea of taxing the rich never works!

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."

Well guess what...didn't work! The rich are too smart, as they should be and moved thier residency to a different state!

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.

Leaving the middle class saddled with a huge tax burden created by these incompetent greedy law makers!

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 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."

This makes me want to quite paying my taxes altogether! Revolt I say! Revolt!

[edit on 26-5-2009 by burntheships]


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