Friday, March 12, 2010

Maryland's Hard Learned Lesson

Much like Oregon and Washington have done, Maryland decided to "stick it to the wealthy" to make up budget shortfalls and increase funds received. As warned, the exact opposite happened. From a Wall Street Journal article;

"We reported in May that after passing a millionaire surtax nearly one-third of Maryland's millionaires had gone missing, thus contributing to a decline in state revenues. The politicians in Annapolis had said they'd collect $106 million by raising its income tax rate on millionaire households to 6.25% from 4.75%. In cities like Baltimore and Bethesda, which apply add-on income taxes, the top tax rate with the surcharge now reaches as high as 9.3%—fifth highest in the nation. Liberals said this was based on incomplete data and that rich Marylanders hadn't fled the state."

"Well, the state comptroller's office now has the final tax return data for 2008, the first year that the higher tax rates applied. The number of millionaire tax returns fell sharply to 5,529 from 7,898 in 2007, a 30% tumble. The taxes paid by rich filers fell by 22%, and instead of their payments increasing by $106 million, they fell by some $257 million."


And, Maryland's unemployment during this time?



Democrats will never learn.

2 comments:

Angie Lee said...

You can't fix stupid, Lew. You know that. The more I read, the more disgusted I become. Lies and more lies. Then there's the damned lies.

We've been shoved over the edge of the abyss. It's come to a head like a big gnarly zit and it's about to pop. Lies and manipulation and a whole lotta thievery from the American taxpayer have propped up the stock market and instigated the "recovery" we're supposedly experiencing, "increasing" GDP, "decreasing" unemployment," all of it a bill of rotten goods.

Strip the government manipulation out of GDP and what do you see? Certainly not a recovery but the DEPRESSION we've been in all along. How much of TARP has been used to artificially inflate the stock market to quell panic among the unwashed masses with no inkling of how money and wealth (and the difference between them) are created but hear the MSM raving about market gains? How can the unemployment rate be going down when there are more unemployed now than before - thanks to some smoke and mirrors courtesy of BLS? And what about the $100+ TRILLION (yes, TRILLION) unfunded liabilities of SS and Medicare, which we will never be able to pay and are allowed to stay off the balance sheet via accounting gimmicks? If *I* did that kind of shit, I'd be sitting in prison.

The end is near, mark my words. We are going to see the collapse of the fiat currencies of the world, and governmental systems will not be far behind. We've been witnessing these events in slow motion until now, but we're starting to speed up toward real-time.

In 2008, they crowed that we were NOT in a recession - until they were forced to admit that we were then claimed it started in late 2007. I believe the facts will bear out that we were truly in a deep recession during the time they claimed we were not and that we actually entered a deep depression once they finally acknowledged the recession. The next logical step, then, is for them to acknowledge the depression - by which time we will have entered the collapse.

Lew Waters said...

Angie, this was all set in motion long ago with the strategy actually being given a name in the 1960's, Cloward/Piven.

A strategy of overburdening programs like welfare, which were began with the best of intentions, to cause implosion.

In the end, socialism will reign with the elite still living high off the hog and what lesser beings are still around being the slaves.

It can be stopped by the masses. But, too many are more concerned with the hand-outs they receive, which directly contribute to the problem, than standing up for their rights.

Me, I'm going down fighting.