Millionaires Go Where
Maryland put forward a millionaire tax in an effort to gain about $106 million in revenue. It was such a success that the number of millionaire tax filing went from about 3000 in 2008 to around 2000 in 2009. Maryland’s net gain in collected was -$100 million, yes they lost $100 million in revenue. The Wall Street Journal also report that even though they was a huge lose some which maybe attributed to the economy, there was another fact that should be taken into account the rest maybe because of typically those high income people have second homes in tax friendly states, so it would be easy to move their residency.
Looking around for actually saving you will find that when Thomas Golisano, very publicly announced his move to Florida. The Buffalo News reported in 2010 that “His moving to Florida will save him $5 million in state income taxes.” Money that he had said that he could donate to charities and/or use to fund other organizations.
Curtis Dubay’s “The Rich Pay More Taxes: Top 20 Percent Pay Record Share of Income Taxes,” published on The Heritage Foundation’s website reports that “In 2006, the latest available year from CBO, the top 20 percent of income earners paid 86.3 percent of all federal income taxes, an all-time high.[1] This is an increase of over 6 percent from 2000, when the top 20 percent paid 81.2 percent. During the same period, the bottom four quintiles all saw their share of the federal income tax burden fall sharply:” Click here for link to article.
Then along comes Rep. Jan Schakowsky (D-IL-9) to restore fairness into the system. If you where thinking tax cuts forget it. Just listen to this.
When is the last time anyone in Washington looked at any reports on tax revenue, other than a few new members that just got there. Maryland increase taxes on millionaires, about 1 in 8 move. Those 2001 and 2003 tax cuts everyone received are soaking the rich in tax payments and have reduced the percent the rest pay, and now we need to increase their taxes. Do these members actually believe in Zero-sum.
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who taught you how to read and write? was it your mom or your uncle-dad? guessing your sister-wife taught you math too (86.3-81.2=5.1, not “an increase of over 6 percent”)
Try 86.3/81.2 equals 1.062+ increase or 6.2+%.
Taylen, please look at how to determine % increases year over year. Fred is right.
Finally, with the references listed proving his points, that was all you come up with?
First I’d like someone to define “rich” devoid of bi-partisan viewpoints.
Second, since when did “fiscal responsibility” lay primarily with the undefined “rich”?
Finally, would someone please quantify what is meant by “fair share”?
I suggest that if we are afraid someone is going to pay less into the government than we are, maybe we ought to go with ONE tax rate accross the board for everyone. That’s fair isn’t it? We’ll all be taxed at say 15% of our taxable income regardless of the amount we make. Would that finally satisfy the cries that the (as yet undefined) “rich” aren’t paying their fair share? Did anyone stop to think that 15% to someone who makes $30,000 taxable income is much more expensive than 15% to someone who makes $1,000,000 in taxable income? Is that fair all things being equal? Under the current tax structure the person who makes $30,000 taxable income will never pay 15% of their taxable income but they will pay in at most $4085.00 or 13.62% while someone making $1,000,000 will pay in $327,643 (35% of the total over $373,650.00 plus $108,421.25) or 32.8%. http://www.irs.gov/pub/irs-pdf/i1040tt.pdf Is this now fair? I’d say currently the richer of the two people appears to be paying more than his fellow American and since no one can quantify “fair share” nor ever has, maybe we’ve now determined a case just the opposite: that the as yet undefined “rich” are being inequitably burdened with more of the tax burden than those who are making far less.
Who determines what’s fair?
Oh and I’m typing on an iPad, so excuse my typos.