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Missing Millionaire's Alert

May 27th 2009 22:18
Instead of cutting spending like businesses and families do, Maryland decided to raise taxes last year on millionaires to help increase tax receipts. In 2008 there were 3,000 returns filed that would have faced the increased tax. This year there were only 2,000 that were filed by the end of April. The result? Instead of gaining 106 million in extra taxes the state actually took in 100 million less this year. It seems that 1/3 of the millionaires have moved to another state or have been taxed out of the millionaire's club. This shows the problem with state tax increases. The people who have the means to move leave the state and the poor are left with a decreased tax base to support social programs. Silly liberals will never learn.

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