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Total personal income tax collections in January-April 2009 were 26 percent, or about $28.8 billion below the level of a year ago in states for which we have data. In April 2009 alone (April being the month when many states receive the bulk of their balance due or final payments), personal income tax receipts fell by 36.5 percent, or $18.2 billion.
Personal income tax receipts in the first four months of calendar year 2009 were greater than in 2008 in only three states — Alabama, North Dakota, and Utah.
In FY 2008, personal income tax revenue made up over 50 percent of total tax collections in six states — Colorado, Connecticut, Massachusetts, New York, Oregon, and Virginia. Personal income tax revenue declined dramatically in all six of these states for the months of January-April of 2009 compared to the same period of 2008. Among all 37 early-reporting states, the largest decline was in Arizona, where collections declined by nearly 55 percent.
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%.
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.
Dear Mayor Dixon,
My name is Louis Citron and I am the General Counsel at New Enterprise Associates. We are a venture capital firm located at...[snip]
...We would like you to know that New Enterprise Associates has decided to move its Baltimore city office to Timonium. We calculated that our decision will cost the merchants in this neighborhood at least $200,000 per year in revenue as we are terminating, among others, our cleaning service and security guard, and will no longer be paying for parking spaces in the local garages, and no longer buying our lunches from local restaurants and the Maryland Club.
Our decision was a result of the high level of crime in our neighborhood. Over the last several years, many of our cars have been broken into resulting in very expensive repairs, our employees have been robbed at gun point, drug needles and used condoms have been left on our front stoop, and psychotic homeless people have menaced our employees and threatened to kill them. We have voiced our frustrations to the local community leaders and police, but the environment has only worsened. The recent local beatings by roving teenagers during the day in this neighborhood, the raucous club in the basement of the Belvedere, and other gang violence throughout the city reinforces the appropriateness of New Enterprise Associates’ decision to move in order to protect its employees....
... Further, now that I no longer work in the city, I might move my family out of the city too if violence and crime continue to increase in the Roland Park area. I pay too much in taxes now to live in fear and to have sewer lines back up on a regular basis into my home.