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2009-05-26 Economy
Millionaires Go Missing: Maryland's Fleeced Taxpayers Fight Back
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Posted by Barbara Skolaut 2009-05-26 10:40|| E-Mail|| Front Page|| [6477 views ]  Top

#1 In the immortal words of Frank Borman when he was at Eastern Airlines: "Come on Down". All those fleeced millionaires on the loose - come on down here to Florida and spend some money on a nice home on the golf course or the beach. We have no income tax and we have no snow shovels except to use on road kill.
Posted by Jack is Back!">Jack is Back!  2009-05-26 11:06||   2009-05-26 11:06|| Front Page Top

#2 I am a little fuzzy what is 6.5% of nothing? Do they teach math in Maryland? California just makes sure businesses are regulated out of the state.
Posted by Cyber Sarge  2009-05-26 15:37||   2009-05-26 15:37|| Front Page Top

#3 How much of the decline in million-dollar tax returns was due to tax-payers leaving the state and how much was due to the decline in income as the stock market collapsed?
Posted by Glenmore 2009-05-26 16:13||   2009-05-26 16:13|| Front Page Top

#4 Some of both, no doubt, Glenmore. It wasn't exactly a controlled experiment.

I would also expect that some of the former millionaires either earned less (why bother!) or found a way to hide it from the taxman. The bottom line is that this was a bad idea with a not-unpredictable result.
Posted by SteveS 2009-05-26 17:01||   2009-05-26 17:01|| Front Page Top

#5 All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class.

That's only the tip of the iceberg. People with money tend to create jobs. Those job creators have fled the state.

Next lesson to be learned: Some folks who used to be working are now on food stamps.
Posted by gorb 2009-05-26 17:12||   2009-05-26 17:12|| Front Page Top

#6 In a related story to come, homebuilders in Texas report increased demand - municipalities anticipate increase in services.
Posted by Phineth the Anonymous8743 2009-05-26 20:32||   2009-05-26 20:32|| Front Page Top

#7 Years ago, I worked with a fellow who was taking the H&R Block tax course. He made a comment that stuck with me: Rich people do not become and stay rich by being stupid. If they are being taxed, they will find a way around it.
Posted by Rambler in Virginia">Rambler in Virginia  2009-05-26 22:45||   2009-05-26 22:45|| Front Page Top

23:58 JosephMendiola
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