Maryland millionaire tax backfires

Maryland millionaire tax backfires

Posted in the Minneapolis Forum

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For Real

Saint Paul, MN

#1 Jul 26, 2012
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Maryland Governor Defends 'Millionaires' Tax', Denies Job Losses CNBC.com | July 25, 2012 | 05:16 PM EDT

Last month, we reported on data that suggested that a temporary "millionaires' tax" had chased millionaires out of Maryland.

The report, by the anti-tax group Change Maryland, sparked a firestorm in the state and prompted a vigorous defense by the state’s governor, Martin O’Malley, who said the state remains an economic powerhouse despite its taxes.

Now, a new set of data on job loss in the state is likely escalate the battle even more – highlighting the broader, national debate over taxing the wealthy.

Change Maryland is citing new job figures that show Maryland losing more than 10,000 jobs this year – more than any state in the nation. The Bureau of Labor Statistics said Maryland lost 11,000 jobs in June alone -- the third worst performance in the nation.
Jerry

Minneapolis, MN

#2 Jul 26, 2012
For Real wrote:
Show Entire Article
Maryland Governor Defends 'Millionaires' Tax', Denies Job Losses CNBC.com | July 25, 2012 | 05:16 PM EDT
Last month, we reported on data that suggested that a temporary "millionaires' tax" had chased millionaires out of Maryland.
The report, by the anti-tax group Change Maryland, sparked a firestorm in the state and prompted a vigorous defense by the state’s governor, Martin O’Malley, who said the state remains an economic powerhouse despite its taxes.
Now, a new set of data on job loss in the state is likely escalate the battle even more – highlighting the broader, national debate over taxing the wealthy.
Change Maryland is citing new job figures that show Maryland losing more than 10,000 jobs this year – more than any state in the nation. The Bureau of Labor Statistics said Maryland lost 11,000 jobs in June alone -- the third worst performance in the nation.
I see nothing in your post that ties the two together.

The Minnesota state income tax rate on millionaires is over 40% higher than Maryland's, and Minnesota is among the leaders in new jobs nationally.
My Thoughts

Saint Paul, MN

#3 Jul 26, 2012
Jerry wrote:
<quoted text>
I see nothing in your post that ties the two together.
The Minnesota state income tax rate on millionaires is over 40% higher than Maryland's, and Minnesota is among the leaders in new jobs nationally.
Ummmmm

Thanks but MN does not have a millionaire tax, Gov Dayton lost that battle.
Seattle Slew

Kent, WA

#4 Jul 26, 2012
Governor O'Malley responded that the state has lost only 1,200 jobs this year, and that Change Maryland's numbers don't include January, which showed strong job gains. The state had 25,000 more jobs in June compared to the same month in 2011, the governor said.

What's more, he said, the state had 6,000 more millionaires in 2011 than it did in 2007, bringing its total millionaire count to 157,779, according to data from Phoenix Marketing International. The state has the highest percentage of millionaires in the country, according to Phoenix.

oops !??
Broadening

United States

#5 Jul 26, 2012
Your info is a yr late, today's cnbc report illustrates that.
Seattle Slew wrote:
Governor O'Malley responded that the state has lost only 1,200 jobs this year, and that Change Maryland's numbers don't include January, which showed strong job gains. The state had 25,000 more jobs in June compared to the same month in 2011, the governor said.
What's more, he said, the state had 6,000 more millionaires in 2011 than it did in 2007, bringing its total millionaire count to 157,779, according to data from Phoenix Marketing International. The state has the highest percentage of millionaires in the country, according to Phoenix.
oops !??
Seattle Slew

Kent, WA

#6 Jul 26, 2012
So, presume it's true, the solution is to raise millionaire taxes nationwide, not grow the deficit and allow the cheaters, to keep their toys...
Jerry

Minneapolis, MN

#7 Jul 26, 2012
My Thoughts wrote:
<quoted text>
Ummmmm
Thanks but MN does not have a millionaire tax, Gov Dayton lost that battle.
Ummmmm

Thanks, but Minnesota's top income tax rate is 40% higher than Maryland's top state income tax rate.

You'd better get your facts straight.
Troll

Saint Paul, MN

#8 Jul 26, 2012
Jerry wrote:
<quoted text>
Ummmmm
Thanks, but Minnesota's top income tax rate is 40% higher than Maryland's top state income tax rate.
You'd better get your facts straight.
100% wrong.
MD top rate tax rate 8.95% vs MN 7.95%

“Celebrate Liberty and Freedom”

Since: Sep 09

Mpls

#9 Jul 26, 2012
Seattle Slew wrote:
So, presume it's true, the solution is to raise millionaire taxes nationwide, not grow the deficit and allow the cheaters, to keep their toys...
No thanks Slew, the rest of us like jobs and independence. Not your food stamp govt dependent lifestyle....

Grow a pair
Jerry

Minneapolis, MN

#10 Jul 26, 2012
Troll wrote:
<quoted text>
100% wrong.
MD top rate tax rate 8.95% vs MN 7.95%
Here is my proof:

http://individuals.marylandtaxes.com/incometa...

The top state income tax rate in Maryland is 5.50%.

You right wing extremists post all this crap on Topix because you think no one ever checks.

I do.

And I'm willing to bet that you'll never admit that you made a mistake. People like you never do.
U didnt build Dat

Saint Paul, MN

#11 Jul 26, 2012
Another mistake of yours and before the millionaires tax was implemented.

http://news.heartland.org/newspaper-article/2... .


In addition, the highest marginal tax rate of 8.95 percent—including the county piggyback—will now be applied to married working parents who together earn more than $300,000, but not to a single person living on $250,000.
Jerry wrote:
<quoted text>
Here is my proof:
http://individuals.marylandtaxes.com/incometa...
The top state income tax rate in Maryland is 5.50%.
You right wing extremists post all this crap on Topix because you think no one ever checks.
I do.
And I'm willing to bet that you'll never admit that you made a mistake. People like you never do.
For Real

Saint Paul, MN

#12 Jul 26, 2012
For Real wrote:
Show Entire Article
Maryland Governor Defends 'Millionaires' Tax', Denies Job Losses CNBC.com | July 25, 2012 | 05:16 PM EDT
Last month, we reported on data that suggested that a temporary "millionaires' tax" had chased millionaires out of Maryland.
The report, by the anti-tax group Change Maryland, sparked a firestorm in the state and prompted a vigorous defense by the state’s governor, Martin O’Malley, who said the state remains an economic powerhouse despite its taxes.
Now, a new set of data on job loss in the state is likely escalate the battle even more – highlighting the broader, national debate over taxing the wealthy.
Change Maryland is citing new job figures that show Maryland losing more than 10,000 jobs this year – more than any state in the nation. The Bureau of Labor Statistics said Maryland lost 11,000 jobs in June alone -- the third worst performance in the nation.
Yet more hardship thrown upon the middle class by millionaire greed!!!

Screw the people and the economy, I want MORE MONEY!!!!! B illions just aren't enough!!! Miilions are a joke! It must ne tens of BILLIONS!!!!!!

Please spare the Paris Hilton tax entitlement!!

We need more than 2 vacation homes, I mean, for real!!!
Bernie Made Off

Saint Paul, MN

#13 Jul 26, 2012
Tank Murdoch wrote:
<quoted text>
No thanks Slew, the rest of us like jobs and independence. Not your food stamp govt dependent lifestyle....
Grow a pair
Yes, we love jobs!! Without jobs, I have nobody to screw over!!!

Vote republican and support gorporate greed!!!!
Fred

Minneapolis, MN

#14 Jul 26, 2012
Seattle Slew wrote:
So, presume it's true, the solution is to raise millionaire taxes nationwide, not grow the deficit and allow the cheaters, to keep their toys...
Sludge, in the age of the internet and instant communication, do you really think that someone who can afford it will not move to a someplace else with a more favorable tax rate?

Hell, here is an excellent example of what would happen:

Facebook Co-Founder Renounces U.S. Citizenship, Lowers Tax Bill

May 11, 2012 by Chris Taylor

Facebook co-founder Eduardo Saverin, whom you may remember portrayed as the disgruntled friend of Mark Zuckerberg’s who smashes his laptop in The Social Network, has officially renounced his U.S. citizenship — and joined the tiny nation of Singapore.

As first reported by Bloomberg, Saverin’s name is on a Federal register called the Quarterly Publication of Individuals Who Have Chosen to Repatriate. That means he renounced citizenship before April 30, according to the IRS.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Saverin’s spokesman told Bloomberg in an email. He said the switch happened “around September.”

Why do it? One word: taxes.

http://mashable.com/2012/05/11/facebook-co-fo...
Seattle Slew

Kent, WA

#15 Jul 26, 2012
Tank Murdoch wrote:
<quoted text>
No thanks Slew, the rest of us like jobs and independence. Not your food stamp govt dependent lifestyle....
Grow a pair
Your last job was before most of us were born, lie to stupid folks, LIKE YOUR FAMILY ~! LMAOROTFu~!
Jerry

Minneapolis, MN

#16 Jul 26, 2012
U didnt build Dat wrote:
Another mistake of yours and before the millionaires tax was implemented.
http://news.heartland.org/newspaper-article/2... .
In addition, the highest marginal tax rate of 8.95 percent—including the county piggyback—will now be applied to married working parents who together earn more than $300,000, but not to a single person living on $250,000.
<quoted text>
I have no idea what kind of teabagger website you are looking at, but it isn't the stae of maryland site.
Jerry

Minneapolis, MN

#17 Jul 26, 2012
Say, how many different names do you post your crap under, anyway?

Do you think posting it under different names from different proxy locations will make it any truer?

"Under the $35.9 billion budget the Senate approved Thursday on a near party line vote, Marylanders making more than a half-million dollars this year would pay a quarter percentage point increase on their state income taxes"

Where I went to school, 5.50 plus 0.50 = 6.0%, which according to my math is less than Minnesota's 7.95%.

Yes, some counties and cities in Maryland also levy an income tax.

Find a source that isn't a teabagger site and I'll look.
Seattle Slew

Kent, WA

#18 Jul 26, 2012
Fred wrote:
<quoted text>
Sludge, in the age of the internet and instant communication, do you really think that someone who can afford it will not move to a someplace else with a more favorable tax rate?
Hell, here is an excellent example of what would happen:
Facebook Co-Founder Renounces U.S. Citizenship, Lowers Tax Bill
May 11, 2012 by Chris Taylor
Facebook co-founder Eduardo Saverin, whom you may remember portrayed as the disgruntled friend of Mark Zuckerberg’s who smashes his laptop in The Social Network, has officially renounced his U.S. citizenship — and joined the tiny nation of Singapore.
As first reported by Bloomberg, Saverin’s name is on a Federal register called the Quarterly Publication of Individuals Who Have Chosen to Repatriate. That means he renounced citizenship before April 30, according to the IRS.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Saverin’s spokesman told Bloomberg in an email. He said the switch happened “around September.”
Why do it? One word: taxes.
http://mashable.com/2012/05/11/facebook-co-fo...
So, your "proof" is a notepad smashing individual nutcase ??? How "appropriate" is THAT !!! A single drop of water is "rain", right ?? LMAOROTFu~! I thought you were stupid, but I had no clue you were A COMPLETE MORON... Want me to find a millionaire... who moved to the US ???
Fred

Minneapolis, MN

#19 Jul 26, 2012
Seattle Slew wrote:
<quoted text>So, your "proof" is a notepad smashing individual nutcase ??? How "appropriate" is THAT !!! A single drop of water is "rain", right ?? LMAOROTFu~! I thought you were stupid, but I had no clue you were A COMPLETE MORON... Want me to find a millionaire... who moved to the US ???
As has been said many times, logic and facts are not your friends.

A present from me to you, Sludge.

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Jerry

Minneapolis, MN

#20 Jul 26, 2012
Jerry wrote:
Say, how many different names do you post your crap under, anyway?
Do you think posting it under different names from different proxy locations will make it any truer?
"Under the $35.9 billion budget the Senate approved Thursday on a near party line vote, Marylanders making more than a half-million dollars this year would pay a quarter percentage point increase on their state income taxes"
Where I went to school, 5.50 plus 0.50 = 6.0%, which according to my math is less than Minnesota's 7.95%.
Yes, some counties and cities in Maryland also levy an income tax.
Find a source that isn't a teabagger site and I'll look.
Looks like you are conceding that you were wrong.

Rating everyone poorly multiple times that disagrees with you is a nice touch, though.

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