Saturday, March 17, 2012

Stupidity squared in Maryland

Maryland to raise taxes on wealthy. My prediction mass immigration of the wealthy to Florida.

The state Senate voted Thursday to significantly raise taxes on Marylanders earning half a million dollars or more — prompting complaints that liberals were bent on launching class warfare in the state.

The Senate's vote to adopt what is being dubbed a "millionaire's tax" came after some liberal-leaning senators said they would refuse to support a smaller, across-the-board increase in income taxes unless the wealthy took a special hit. The chamber was considering a plan to raise taxes on most Maryland taxpayers by up to a quarter of a percentage point — a proposal that eventually passed by a vote of 26-20.

But the Bolsheviks in the Maryland legislature already tried this a few years ago and low and behold wealthy people left and the state raised less revenue. Yet here we are again three years later with the same goofballs passing more of the same stupid laws.

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.

I really have zero respect for politicians. They are the dumbest people on earth bar none. If it did not work in 2009 what makes these morons think it will work in 2012?

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