Naturally, the feds want to raise as much money as they can. So, like bank robbers, they go where the money is – to the “rich.”
Steve Sjuggerud tells us what has happened back at home…in Maryland.
“The state of Maryland couldn’t balance its budget last year. So the state decided the right way to raise tax dollars was to fleece the millionaires… Maryland state politicians created a ‘millionaire’ tax bracket.
“Maryland Governor Martin O’Malley of course expected tax receipts to go up. He said Maryland’s 3,000 millionaires were ‘willing to pay their fair share.’ The Baltimore Sun said the rich would ‘grin and bear it.’
“But the opposite happened…
“Instead of 3,000 Maryland millionaires filing taxes in April 2009, only 2,000 did. According to The Wall Street Journal: ‘Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year – even at higher rates.’
