Those missing millionaires
It seems that whenever a state government imposes a big tax increase on high-earning or wealthy taxpayers — they're not always one and the same — revenue or example, Maryland expected to raise $106 million in 2008 by increasing the income-tax rate on high earners from 4.75 percent to 6.25 percent.
Instead, "taxes paid by rich filers fell by 22 percent,and instead of their payments increasing by $106 million, they fell by some $257 million,."
"In 2009 the state legislature raised the tax rate to 10.8 percent on joint-filer income of between $250,000 and $500,000, and to 11 percent on income above $500,000," the Journal noted Dec. 21.high-end filers declined from 38,000 to 28,000 And "Instead of $180 million collected last year from the new tax, the state received $130 million."
So the Journal was wrong when it pointed out in March, "A lot of rich people have two homes," and not a single tycoon was moved to declare himself a legal resident of Florida?