tag:blogger.com,1999:blog-4637415895963152447.post1242776907164504747..comments2023-11-02T07:04:32.085-05:00Comments on ...In A Handbasket: Maryland's Missing MillionairesMiss T.C. Shorehttp://www.blogger.com/profile/12249243236643586983noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4637415895963152447.post-21588519583561912202009-05-30T15:25:49.392-05:002009-05-30T15:25:49.392-05:00The Maryland Millionaires didn't leave.
...They j...The Maryland Millionaires didn't leave.<br /><br />...They just aren't millionaires anymore.<br /><br />According to the analysis by the Institute on Taxation and Economic Policy (ITEP),<I> Where Have All of Maryland’s Millionaires Gone? Nowhere – They’re Probably Just Not Millionaires Anymore. </I>ITEP examined the preliminary tax return data released by the Maryland comptroller — who acknowledged that not all the data is in yet, particularly for high-income earners — and found that the data fail to support the Wall Street Journal’s claim:<br /><br />[A]s a result of legislation enacted in 2007 and in 2008, income tax rates for affluent Marylanders were higher this past year, not just for residents with taxable incomes over $1 million, but for individuals with taxable incomes above $150,000 and for families with incomes over $200,000. Consequently, if it is the case that wealthier taxpayers respond to changes in income tax liability by changing their state of residence, one would expect to see that response not just for taxpayers with incomes above $1 million, but, to some degree, among all affected taxpayers. The Comptroller’s preliminary data suggest that this is not the case. <br />With the exception of “millionaires”, the number of returns in the affected ranges of taxable income appears to have grown between 2007 and 2008. Given recent economic events – and, in particular, the widely-anticipated decline in income from capital gains, which are received almost exclusively by the very wealthiest residents of each state – a far more likely explanation for the alleged disappearance of Maryland’s millionaires is that, for 2008 at least, they are no longer millionaires. Instead, their incomes may now fall in lower ranges of the distribution, thus potentially accounting for some portion of the increase in the number of returns in those ranges.<br /><br /><br />In other words, analysis of the preliminary data from Maryland fails to support the assertion that a tax increase on the wealthy will cause them to flee.James' Musehttps://www.blogger.com/profile/15575769532441311670noreply@blogger.comtag:blogger.com,1999:blog-4637415895963152447.post-67803511423654827842009-05-27T12:53:07.953-05:002009-05-27T12:53:07.953-05:00People are going to run out of places to run. Folk...People are going to run out of places to run. Folks need to stand their ground. Louisiana has 9% sales tax plus a state income tax and we've got zip to show for it. It is highway robbery.Redhttps://www.blogger.com/profile/00995981511802074871noreply@blogger.com