- Jan 31, 2005
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Imagine that. If you try to take more money from 1 group of people to help another group then the first group may just decide to up and leave. You can only steal from the rich for so long before one of two things will happen. Either the rich run out of money for the social programs or they say screw it and just flat out move.
Good luck New Jersey. I hope you end up even worse off than Maryland for trying to steal even more money from "65,000" to help the completely fucking worthless "600,000".
http://www.bloomberg.com/apps/news?pid=20601087&sid=alZlDbna7Ogg
New Jersey Lawmakers Pass Millionaire Tax; Veto Looms (Update3)
By Terrence Dopp
May 20 (Bloomberg) -- Lawmakers in New Jerseys Democrat- controlled Assembly voted to raise income taxes on residents earning at least $1 million a year, as Republican Governor Chris Christie said hed veto the bill.
The chamber passed the measure 46-32 in a vote that broke down along party lines. Of 33 Republicans, 32 voted no. The Senate approved the bill 23-17 along party lines, setting up a showdown with Christie, 47, as the deadline approaches to have a balanced budget in place when the fiscal year ends on June 30.
Weve got a lot of people who cant afford to pay their taxes and need the rebates that the measure may restore, Assembly Speaker Sheila Oliver said before the vote. Six- hundred thousand older adults would be better off.
Democrats hold a 47-33 majority in the Assembly and a 23-17 edge in the Senate. While controlling both chambers, they lack the two-thirds majority needed to override a Christie veto without cooperation from Republican lawmakers.
The temporary tax increase is projected to reap $637 million in revenue that Democrats may use to eliminate cuts to senior programs proposed by Christie, including restoration of property-tax rebates for about 600,000 residents. The governors $29.3 billion budget contains $10 billion in spending cuts, including $820 million from school aid, and puts off a $3 billion pension payment.
Defining Moment
This is a defining moment -- it seems to me to be all about taxes, taxes and taxes, Assembly Minority Leader Alex DeCroce, a Republican from Parsippany, said during more than an hour of floor debate before the vote. Referring to Democrats, he said, thats all you guys do.
About 16,000 New Jersey tax filers have incomes of more than $1 million, legislators said during the Assembly debate. Thats less than 1 percent of the states 3.9 million total.
I dont have an issue with millionaires, I just have an issue with people not sharing in the sacrifice, said Senate President Stephen Sweeney, a Democrat from West Deptford. Those 16,000 people can help 600,000.
Christie yesterday said he planned to restore the $55.5 million in cuts he proposed to the Pharmaceuticals for the Aged and Disabled program without raising taxes.
Democrats also sent Christie a separate measure that pares a pending $1 billion increase in the state business tax that supports unemployment benefits. The bill limits the increase, set to take effect July 1, to $300 million.
The measure passed by both chambers also omits cuts in jobless benefits sought by Christie and Republican lawmakers.
And Marylands results...
http://online.wsj.com/article/SB124329282377252471.html
Millionaires Go Missing
Maryland's fleeced taxpayers fight back.
Here's a two-minute drill in soak-the-rich economics:
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey (see here).
The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."
All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class. Thanks to the futility of soaking the rich, these working families will now pay Mr. O'Malley's "fair share."
Good luck New Jersey. I hope you end up even worse off than Maryland for trying to steal even more money from "65,000" to help the completely fucking worthless "600,000".
http://www.bloomberg.com/apps/news?pid=20601087&sid=alZlDbna7Ogg
New Jersey Lawmakers Pass Millionaire Tax; Veto Looms (Update3)
By Terrence Dopp
May 20 (Bloomberg) -- Lawmakers in New Jerseys Democrat- controlled Assembly voted to raise income taxes on residents earning at least $1 million a year, as Republican Governor Chris Christie said hed veto the bill.
The chamber passed the measure 46-32 in a vote that broke down along party lines. Of 33 Republicans, 32 voted no. The Senate approved the bill 23-17 along party lines, setting up a showdown with Christie, 47, as the deadline approaches to have a balanced budget in place when the fiscal year ends on June 30.
Weve got a lot of people who cant afford to pay their taxes and need the rebates that the measure may restore, Assembly Speaker Sheila Oliver said before the vote. Six- hundred thousand older adults would be better off.
Democrats hold a 47-33 majority in the Assembly and a 23-17 edge in the Senate. While controlling both chambers, they lack the two-thirds majority needed to override a Christie veto without cooperation from Republican lawmakers.
The temporary tax increase is projected to reap $637 million in revenue that Democrats may use to eliminate cuts to senior programs proposed by Christie, including restoration of property-tax rebates for about 600,000 residents. The governors $29.3 billion budget contains $10 billion in spending cuts, including $820 million from school aid, and puts off a $3 billion pension payment.
Defining Moment
This is a defining moment -- it seems to me to be all about taxes, taxes and taxes, Assembly Minority Leader Alex DeCroce, a Republican from Parsippany, said during more than an hour of floor debate before the vote. Referring to Democrats, he said, thats all you guys do.
About 16,000 New Jersey tax filers have incomes of more than $1 million, legislators said during the Assembly debate. Thats less than 1 percent of the states 3.9 million total.
I dont have an issue with millionaires, I just have an issue with people not sharing in the sacrifice, said Senate President Stephen Sweeney, a Democrat from West Deptford. Those 16,000 people can help 600,000.
Christie yesterday said he planned to restore the $55.5 million in cuts he proposed to the Pharmaceuticals for the Aged and Disabled program without raising taxes.
Democrats also sent Christie a separate measure that pares a pending $1 billion increase in the state business tax that supports unemployment benefits. The bill limits the increase, set to take effect July 1, to $300 million.
The measure passed by both chambers also omits cuts in jobless benefits sought by Christie and Republican lawmakers.
And Marylands results...
http://online.wsj.com/article/SB124329282377252471.html
Millionaires Go Missing
Maryland's fleeced taxpayers fight back.
Here's a two-minute drill in soak-the-rich economics:
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey (see here).
The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."
All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class. Thanks to the futility of soaking the rich, these working families will now pay Mr. O'Malley's "fair share."
.
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