Vanishing millionaires in Maryland (From the WSJ)

Discussion in 'Politics' started by Wyldgusechaz, May 26, 2009.

  1. Wyldgusechaz

    Wyldgusechaz New Member

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    Maryland raised its state income tax on millionaires and over one year, 3000 millionaires turned into 2000 millionaires. Some were lost due to the sluggish eceonomy but some either bailed on the state or are under-reporting income.

    Its a very tricky thing to raise taxes on simply one set of people regardless if they are supposedly rich. Our tax system relies to a great degree on self reporting. Millionaires generally don't think they just got lucky, they believe they have worked hard to get rich. They see a tax directed only at them as an assault on thier hard work.

    To balance this budget, everyone will have to accept a tax increase. Right now as I have proved so many times a family of 4 earning $40000 pays no income tax and you can think President Bush for that. President Obama will have to raise taxes on all of us in order to get some semblance of budgetary balance but that means repealing the tax cuts for the poor, too.
     
  2. pym

    pym New Member

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    Do you think Obama has a genetic compulsion to help out his 'Homies' at the expense of the rich white folks? Come out with it man......cut to the CHAZ for once.
     
  3. Ethyl

    Gold Member

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    Maybe you should contact a few of these millionaires and share some of the tax loopholes you were asking others for on your last thread.
     
  4. Wyldgusechaz

    Wyldgusechaz New Member

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    I was not looking for loopholes for myself. It was to illustrate that there are really no loopholes for those who somehow think the rich have some magic that honestly allows them to shield income.

    When did you get to be so joyless? At one time you were fun to spar with but now you are tedious. :( I hope you are more open minded in real life or have you fallen to the level of Pym and the other dullards here?

    This is a serious issue and it goes to the core of what one might call the contract that America has with its people. If you can't fathom it, too bad for you.
     
    #4 Wyldgusechaz, May 26, 2009
    Last edited: May 26, 2009
  5. Wyldgusechaz

    Wyldgusechaz New Member

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    So Pym, you are in favor of grown men raping children and pre schoolers clearly as is happening in Liberia.

    http://www.irinnews.org/Report.aspx?ReportId=62311

    Nice guy.
     
  6. B_Nick4444

    B_Nick4444 New Member

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    don't be too hard on them -- they've been under intense indoctrination efforts since the sixties

    that's how we ended up with Obama, and the current situation
     
  7. pym

    pym New Member

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  8. Ethyl

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    It wasn't a very useful illustration. The tax loopholes once used by many are no longer available.
    Joyless? I thought my statement was quite funny. You need to lighten up, dude.:biggrin1:
    What was that you said about being joyless..?
     
  9. B_VinylBoy

    B_VinylBoy New Member

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    Perhaps we should be looking at those "lost millionaires" and try to find out just how come they messed up their own finances that badly to go from riches to rags? Because if we're going to blame the poor for being poor, we also have to blame the rich for allowing themselves to "go broke".

    A poor person like me can somehow make more money in a year DURING A RECESSION. What's their excuse? :rolleyes:
     
  10. B_starinvestor

    B_starinvestor New Member

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    One big reason is that there really aren't any more non-recourse business loans anymore.

    If I own company ABC, and get a line of credit or commercial loan, I have to personally guarantee the repayment of the loan. If ABC goes out of business, I am still personally responsible for that debt; which wipes out a lot of my assets.

    A lot of the companies that went down with this recession took the owners and their personal assets down with them.
     
  11. sargon20

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    Trust me America will be asking that same question in 30-40 years if not sooner that is if the world as we know it still exists. The twin intractable deficits prove one thing, Americans are hungry for a life they can't afford. Alas no power has sat atop the world forever. Who Mourns for Adonis?
     
  12. B_VinylBoy

    B_VinylBoy New Member

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    PLEASE don't answer rhetorical questions like it's rocket science, dear... :rolleyes:
     
  13. B_starinvestor

    B_starinvestor New Member

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    its a legitimate issue. It has become very difficult for entrepreneurs and business owners to protect their personal assets.

    If you want to start a company and need financing to get going, buildout, etc., you are signing your life away when you take that loan now. The 'corporation' doesn't protect you from your creditors when you guarantee the loan.

    Assets have been depleted - real estate, stocks, etc.; business owners have gotten murdered in this recession, and its impossible to secure commercial financing.

    The millionaires are turning into thousandaires in droves all over the place.
     
  14. TurkeyWithaSunburn

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    Million dollars NET WORTH? Or million dollars in yearly INCOME?

    Huge difference there :redface: Put a million in the bank and collect a miserly interest of 3% off of it and it's only $30,000.

    I would have read the article but I can't be bothered to go searching for it.
     
  15. B_starinvestor

    B_starinvestor New Member

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    Net worth. And I agree; a million bucks ain't what it used to be...
     
  16. faceking

    faceking Active Member

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  17. pronatalist

    pronatalist Active Member

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    A lot of the wealth was illusionary, based too much upon leverage and borrowing and obscene proportions of DEBT.

    Taxes don't need to be raised when they are already too high. I've never seen so many Tea Parties sprouting all over the place like mushrooms, and of course I attend them, as I am jobless due to tyrant Obama's "change you can believe in." I hear talk all over the place of the UN and the Federal Reserve plotting to destroy the U.S., people thinking we are going to have to set up barter networks as the Federal Reserve Notes paper fiat dollars are about to collapse, how plots like runaway government waste and Cap and Trade are tying up our children in bondage.

    Yes, millionaires worked hard for their money and are fleeing tyrannical runaway taxation places like New York and California in droves, proving that tax increases reduce tax revenues and shrink economies. People are discovering the answers are in the U.S. Constitution, Declaration of Independence, and state constitutions, passing state succession resolutions. Washington D.C. cult-of-Obama is out-of-control, and it appears the revolution is brewing. I fear we may be running out of time for a peaceful resolution?

    This economic mess didn't just happen. It was CAUSED by evil politicians and incompetent governance. The mainstream misleadia lies to us, says it's normal, minor, economy will soon improve. And yet the ex-purts missed predicting almost everything, and there's no reason to believe their lies now. More and more people don't even watch the mainstream news anymore, as it's worthless, controlled by 8 major in-bed-with-government corporations, and are turning to alternative sources.
     
  18. sargon20

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    Completely fact free almost every line. :smile:

    'Wealth was illusionary' then you incredibly segue into 'millionaires worked hard for their money'. Then you leap and say corporations which presumably are run by your 'hard working millionaires' are in bed with government. You contradict yourself with every paragraph. Where is your proof millionaires are fleeing?


    The eight major 'in-bed-with-government' wouldn't happen to be Fox News would it? I sure hope not.........

    "Fair and balanced" Fox News aggressively promotes "tea party" protests


    They've actually been behind the entire 'tea party' propaganda effort. I guess they're not 'in-bed-with-government'. Well not as long as they're democrats since they had a 8 year orgy with the Bushies.
     
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