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.