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Author Topic: The cost of being rich  (Read 1583 times)

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Offline Chris_

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The cost of being rich
« on: April 09, 2008, 11:30:47 AM »
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The cost of being rich

It's quite an exclusive club, Maryland's new millionaires' tax bracket. A little more than 6,000 households statewide qualify for the distinction - more than 40 percent of whom reside in Montgomery County.

It's a group that includes a Fortune 500 executive in Potomac, an energy company CEO in Roland Park and wealthy retirees with bayside estates in St. Michaels. Throw in some developers in Howard County, a growing corps of black entrepreneurs in Prince George's County and certain small businesses statewide. The Ravens' star middle linebacker would appear to be among the 16 percent of the club that lives in Baltimore County, No. 2 in the state for resident millionaires.

With the General Assembly's passage of the new 6.25 percent top tax rate on incomes above $1 million, and Gov. Martin O'Malley's signing of the bill yesterday, Maryland has apparently become the first state to create an actual millionaires' bracket.

Some other states have created high-income tax brackets - some paying rates that make Maryland's levy look like a bargain - but they kick in at lower thresholds. For instance, New Jersey residents in the top income bracket pay a rate of 8.97 percent but don't receive the cachet of being in a millionaires' club because it applies to all income above $500,000.

Yet another penalty for being successful.  I'm sure glad I don't live in Maryland even though I'll never see an income like that.

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Offline DixieBelle

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Re: The cost of being rich
« Reply #1 on: April 09, 2008, 11:35:29 AM »
The state of Maryland was warned about O'Malley but they didn't listen.
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Offline TheSarge

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Re: The cost of being rich
« Reply #2 on: April 09, 2008, 12:19:41 PM »
Quote from: DixieBelle on April 09, 2008, 11:35:29 AM
The state of Maryland was warned about O'Malley but they didn't listen.

That's because they were too busy having a good time throwing Oreo cookies at Michael Steele.
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Offline DixieBelle

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Re: The cost of being rich
« Reply #3 on: April 09, 2008, 12:21:12 PM »
Quote from: TheSarge on April 09, 2008, 12:19:41 PM
Quote from: DixieBelle on April 09, 2008, 11:35:29 AM
The state of Maryland was warned about O'Malley but they didn't listen.

That's because they were too busy having a good time throwing Oreo cookies at Michael Steele.
And combing through his credit report! Ugh....
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I can see November 2 from my house!!!

Spread my work ethic, not my wealth.

Forget change, bring back common sense.
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No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Rebel

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Re: The cost of being rich
« Reply #4 on: April 09, 2008, 02:02:57 PM »
Wait until these millionaires say "****it" and move their companies or relocate across the border. Think they're going to forget about the lost revenue? Hell no. They had that revenue spent before the damn legislation even passed. Nope, they'll have to make it up elsewhere. I.e., the middle-class.

I had this same argument with that moron Gator. Gator thinks it's OK to tax the hell out of cigarettes because he wants to punish smokers. What happens when people stop smoking? Think they're going to just say, "oh well, we lost revenue"? HELL NO. They will have to make that revenue up because it too is already spent on bullshit programs to buy votes. The government doesn't give a rat's ass about smokers, they care about more money. More money=more programs. More programs=more votes. Gator was to Damn stupid to realize that because he was blinded by his hatred of smokers.

It's coming to a time when we might see a revolution in our time. If they don't enact something like the Fair Tax, or Flat Tax (Not a supporter, but fairer than this Communistic bullshit we have now), they're going to get their wish.

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Offline DumbAss Tanker

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Re: The cost of being rich
« Reply #5 on: April 09, 2008, 05:50:05 PM »
I don't know if it's still the case, but Maryland used to have some ****ed-up County income tax on top of the State rate, which doesn't look so bad in isolation.  When it is added in, the total rate is pretty hefty (depending on the county).
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