Maryland plan to tax millionaires backfires

[KMAN]

How many more examples do we need for people to realize that increasing taxes is not the answer?

Maryland plan to tax millionaires backfires -- baltimoresun.com

 

[NOBama]

Maryland plan to tax millionaires backfires

Apparently, so did California's.

 

[wvulax]

The article kinda leans towards the idea that the economy is the reason and that MD lost tax revenue because of salary cuts. It only cites unconfirmed anecdotal evidence that millionaires are leaving the state to avoid the tax. Then at the end of the article it talks about how MD actually made money the last time they temporarily increased taxes.

I'm gonna go ahead and say this isn't the best example of how raising taxes fail. It could be if they can prove that millionaires leaving the state is the reason why revenues fell.

 

[sealybobo]

How many more examples do we need for people to realize that increasing taxes is not the answer?

Maryland plan to tax millionaires backfires -- baltimoresun.com

You are hilarious!!! This story doesn't prove that taxing the rich doesn't work. Your story only shows that we have less millionaires after Bushanomics.

"But as the state comptroller's office sifts through this year's returns, it is finding that the number of Marylanders with more than $1 million in taxable income who filed by the end of April has fallen by one-third, to about 2,000. Taxes collected from those returns as of last month have declined by roughly $100 million."

Where did all that money go? How about UBS? Caymen Islands?

This thread proves that Republicans and right wingers aren't capable of thinking outside their talking points.

The title of this story made sense and fit with KMAN's talking point so he ran with it.

The problem is, he doesn't get it.

 

[sealybobo]

The article kinda leans towards the idea that the economy is the reason and that MD lost tax revenue because of salary cuts. It only cites unconfirmed anecdotal evidence that millionaires are leaving the state to avoid the tax. Then at the end of the article it talks about how MD actually made money the last time they temporarily increased taxes.

I'm gonna go ahead and say this isn't the best example of how raising taxes fail. It could be if they can prove that millionaires leaving the state is the reason why revenues fell.

Read what I wrote wvulax!!!! Basically, DITTO to what you said.

 

[Fraulein Hilda]

The tax increases failed to raise the expected revenues. Revenues even fell. What else is there to say?

 

[Sweet Willy]

The tax increases failed to raise the expected revenues. Revenues even fell. What else is there to say?

You can say that the wealthy won't pay their taxes. They hide the money. Only the people who lack the means to hide their income actually pay what they owe.

 

[Fraulein Hilda]

The tax increases failed to raise the expected revenues. Revenues even fell. What else is there to say?

You can say that the wealthy won't pay their taxes. They hide the money. Only the people who lack the means to hide their income actually pay what they owe.

Well, yes, they avoid taxes. Do the non-wealthy pay more than they actually have to?

 

[Fraulein Hilda]

This is good. Go toward the light. Tax increases do not yield the expected revenue increases because rational people to change behavior to avoid paying taxes.

 

[Sweet Willy]

The tax increases failed to raise the expected revenues. Revenues even fell. What else is there to say?

You can say that the wealthy won't pay their taxes. They hide the money. Only the people who lack the means to hide their income actually pay what they owe.

Well, yes, they avoid taxes. Do the non-wealthy pay more than they actually have to?

No, they don't. What we are talking about is tax evasion. A crime.

 

[DiamondDave]

Hence the need for a simplified and equal % burden tax code with the elimination of loopholes... no complex B.S.... no loopholes for libs to cry about... though they will complain about equal % taxation, because they only want the 'equality' when it benefits them...

 

[Fraulein Hilda]

You can say that the wealthy won't pay their taxes. They hide the money. Only the people who lack the means to hide their income actually pay what they owe.

Well, yes, they avoid taxes. Do the non-wealthy pay more than they actually have to?

No, they don't. What we are talking about is tax evasion. A crime.

What crimes are you alleging? Avoiding taxes is not a crime.

 

[Sweet Willy]

Hence the need for a simplified and equal % burden tax code with the elimination of loopholes... no complex B.S.... no loopholes for libs to cry about... though they will complain about equal % taxation, because they only want the 'equality' when it benefits them...

Although I'm all for loop holes being closed, sending money off shore or hiding money in anyway to avoid taxes is not a loop hole. It's just a crime.

 

[Sweet Willy]

Well, yes, they avoid taxes. Do the non-wealthy pay more than they actually have to?

No, they don't. What we are talking about is tax evasion. A crime.

What crimes are you alleging? Avoiding taxes is not a crime.

Evading taxes is a crime.

 

[Fraulein Hilda]

Avoiding taxes is not the same as tax evasion.

 

[Fraulein Hilda]

So you are convinced every nickel of lost tax revenue in Maryland, or most of it, was due to millionaires illegally moving income offshore?

 

[Sweet Willy]

Avoiding taxes is not the same as tax evasion.

I would tend to agree although I am sure you and I would need to work out the details between avoidance and evading. If you, say, chose not to work as much and earn less, that would be legal avoidance. You avoided the tax by simply not having the money upon which the tax is laid.

However, hiding income for the explicit purpose of avoiding taxes that would otherwise be laid upon that income, well, that is tax evasion. And considering you haven't stated any intent other than actually avoiding taxes, if you aren't earning less or giving to charity, the field gets pretty narrow. For honest people anyway.

 

[Sweet Willy]

So you are convinced every nickel of lost tax revenue in Maryland, or most of it, was due to millionaires illegally moving income offshore?

No one is sure if the revenuie is lost yet. They stated that many of the people in question filed extensions. There is speculation that some moved out of jurisdiction. I would guess, based on the billions of dollars lost in tax revenue to off shore holdings, guess that the trend was not lost on the wealthy people of Maryland.

 

[Fraulein Hilda]

So you don't know shit about how they are avoiding taxes, but when you talk about offshore tax evasion all the liberals get their rocks off on that.

At least you admit people do change behavior to avoid taxes.

 

[Shogun]

"moving offshore" is exactly why the free trade fallacy would never work anyway.

But I digress..


Let them move. Let them leave the US. We don't need anyone whose patriotism is directly tied to how much they can extort the rest of the population. Let them enjoy their life as citizens of some other nation. And then tariff the fuck out of any business they try to do here.