When Maryland couldn't balance its budget it came up with the all too common idea: to raise taxes. And since the rich are a tiny minority whose vote is irrelevant, the politicians created a new millionaire tax bracket. Combined with the local taxes, the state now collected almost 10% of income! Add 35% federal tax and 6.2% SS tax and 1.5% Medicare tax and the government is taking over half of the money these Americans are earning!
Governor Martin O'Malley said the rich were "willing and able to pay their fair share". Only a politician thinks taking over half of someones paycheck is "fair". They predicted an increase of $106 million more in state revenue. The Baltimore Sun predicted the millionaires would "grin and bear it".
Well, reality hit this year when they actually collected $100 million LESS in taxes from the millionaires. Last year there were 3000 millionaires, this year only 2000 of them filed. Of course the economy was part of that, but many also left, moving to other states where they probably had other homes, or some maybe even cheated on taxes to hide income.
So the liberal solution to every problem "tax the rich", actually created a larger burden on the middle-class.
Here is a commonsense approach every American uses when they run low on money... SPEND LESS!