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Millionaire Missing In Maryland

| May 28, 2009, 07:29 AM | 3 Comments

Authorities Investigating A “Person Of Interest”

Gov. Martin O'Malley  D-MD

Gov. Martin O'Malley D-MD

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!

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About the Author - John Frenaye

John is the publisher and editor of Eye On Annapolis. As a resident and business owner in Anne Arundel County for nearly 25 years, he realized that there was something missing in terms of community news–and Eye On Annapolis was born in late spring 2009.

John’s background is in the travel industry as a business owner, industry speaker, and travel writer. In terms of blogging and social media, he cut his teeth with MSNBC.com.

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Comments (3)

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  1. SevernaPark Guy says:

    Awaiting the Democrats on this blog to tell us middle class folk to suck it up…3…2…1! O’Malley and the idiots, who are members of this one-party state are a bunch of a**hats. What is even worse are the voters that continuously vote these turkeys in….if they are so eager let them make up the shortage!

  2. LULZ says:

    So essentially, 1000 out of 3000 millionaires figured out a way to use their money to buy themselves someone to teach them how to mask their income to beat this higher tax rate.

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