To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Thursday, May 14, 2009

If You Are Going To Tax Millionaires, You Might Want To First Make Sure You Still Have Millionaires To Tax


One of Maryland's budget-balancing tactics - asking millionaires to pay more money to the state - appears to be backfiring as the number of the highest-earning taxpayers dwindles with the flagging economy.

A year ago, Maryland became one of the first states in the nation to create a higher tax bracket for millionaires as part of a broader package of maneuvers intended to help balance the state's finances and make the tax code more progressive.

But as the state comptroller's office sifts through this year's returns, it is finding that the number of Marylanders with more than $1 million in taxable income who filed by the end of April has fallen by one-third, to about 2,000. Taxes collected from those returns as of last month have declined by roughly $100 million.

Let me point out what I love about this -- and it has nothing to do with the stupid, counter-productive tax policy of my state. Look at how the reporter words the very first statement -- the state is.."asking millionaires to pay more money to the state.." Asking? I must have missed that when I filed my taxes this year. I didn't see an option for saying "No". Believe me I would have checked that box. (added -- Clarification: I'm not one of these millionaires. Unless a millionaire means that you have $258 in your checking account.) I'm confident -- however -- that I didn't miss that box on my forms and therefore wasn't given an option to tell the state or feds to fuck off and give me back my money.

It's fucked up that editors even let that pass by (understanding of course, that the only editor at the Sun after the latest round of layoffs is a one-armed monkey named Moe that pees on his desk.)Someone should have drawn a big fat red line threw that lie and written over it, "One of Maryland's attempts at budget-balancing - forcing millionaires with the threat of violence to pay more money to the state - appears to be backfiring...blah, blah, blah.

Labels: , , ,