Discussion in 'Political Discussion' started by NEPatriot, Jun 5, 2009.
Millionaires Go Missing - WSJ.com
Hopefully, King Obama gets the message and gives us a break.
They didn't go missing, they acted rationally and moved to low tax/no tax states like Delaware,SC, Florida and/or Texas.....and claimed residence there.....Unless they inherited it, they didn't get rich by being stupid...
I have seen my family's standard of living go down a bit in recent years. Well ... in that we are very spoiled in this country I am not going to cry about it. We were somewhere around the middle of the middle class and now I think we are just below that somewhere. But compared to many in this world we are very rich.
We live in a decent cape, we have 4 adults and 5 cars, both my older 2 go to college. We pay more than before for our healthcare but it's still there and we still choose our doctors. My 9-year old plays town soccer and I pay also for premier soccer for him. We buy what we want from the market and though we pay much in taxes we live a very free life IMO. too complain would be a sin IMO ... really ... anything more than the necessities in life is waste. We have more than we need so we have no right to complain and we won't and I won't.
Maryland's state tax rates are not aggressively high, but their locality taxes in combination with the state taxes are.
Maryland also has a rate of 5.5% for 500K to 1M. I would suspect that you would find a good number of those making 1M in the 07 tax year falling to the ranks of those making 500K-1M in the 2008 year, and many of those making 500K-1M in 2007 falling to the ranks of the 300-500K earners in 2008. And so on.
It is worth remembering, when offering such trenchant insights as the OP has supplied from the WSJ, that Occam's Razor still applies.
Is it more likely that, faced with a 6.25% tax, a full third of a state's millionaires moved their families, houses, etc. etc. etc. to other states, away from whatever jobs they held, in the middle of a very bad recession in which finding new work is an iffy proposition; or is it more likely that such earners had lower taxable incomes, due to a historically precipitous drop in investment income, not to mention turmoil even among the higher-earning markets, such as finance?
My money, so to speak, would be on the latter.
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