Authorities Investigating A “Person Of Interest”
According to the Wall Street Journal, there is a missing millionaire in Maryland. Well, make that 1,000 missing millionaires.
It is rarely good news when Maryland makes the Wall Street Journal–and this is no exception. The Journal offers a brief glimpse into the O’Malley administration’s juggling act for balancing budgets. Last year, the wealthy were taxed heavily and their “support” was used to close the gap in the budget.
Fast forward to this year and due to the global recession, there are fewer millionaires and a lot less dollars coming into the tax coffers–to the tune of $100 million.
Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. At the time Governor O’Malley stated that these richest 0.3% of filers were “willing and able to pay their fair share.”
In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000. You do the math. On those missing returns, the government collects 6.25% of nothing. Instead of the state gaining the extra $106 million to close the budget gap, the remaining millionaires paid $100 million less in taxes than they did last year!