Posted on 03/13/2010 10:51:29 AM PST by ezfindit
“Tax the rich” has been the inveterate battle cry of liberals from the beginning. The left believes in creating massive entitlement and welfare programs all in the name of fairness. Equal rights, it seems, don’t apply to the wealthy. Ironically, the idea only ends up hurting the very people it’s supposed to help.
Early in 2009, Maryland raised its tax rate to 6.25% for income earners of $1 million or more and saw a decline in tax revenue as high-income taxpayers emigrated to tax-friendlier states. While it may seem that few families make an income of a million dollars, sole proprietorships, partnerships, and many “S” corporations pass their earnings directly through to the individual, and that means that small businesses are the ones that get hurt the most.
(Excerpt) Read more at conservativedatingsite.com ...
Surely the state of Maryland knows the answer to this question: did these people move out of the state, or did they just report a lower income after taxes were raised?
If they reported a lower income, is it because they just took less money out of their businesses, or is it because business conditions are poor and profits are less?
Or they might have stayed in state and changed their investments to reduce taxes (e.g. tax-free muni bonds, etc).
Smart money isn’t dumb!
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