Liberty Reborn

Liberals in Maryland know you’ve got their money and by hook or by crook they are going to take it from you!

t’s quite an exclusive club, Maryland’s new millionaires’ tax bracket. A little more than 6,000 households statewide qualify for the distinction - more than 40 percent of whom reside in Montgomery County.

It’s a group that includes a Fortune 500 executive in Potomac, an energy company CEO in Roland Park and wealthy retirees with bayside estates in St. Michaels. Throw in some developers in Howard County, a growing corps of black entrepreneurs in Prince George’s County and certain small businesses statewide. The Ravens’ star middle linebacker would appear to be among the 16 percent of the club that lives in Baltimore County, No. 2 in the state for resident millionaires.

With the General Assembly’s passage of the new 6.25 percent top tax rate on incomes above $1 million, and Gov. Martin O’Malley’s signing of the bill yesterday, Maryland has apparently become the first state to create an actual millionaires’ bracket.

Some other states have created high-income tax brackets - some paying rates that make Maryland’s levy look like a bargain - but they kick in at lower thresholds. For instance, New Jersey residents in the top income bracket pay a rate of 8.97 percent but don’t receive the cachet of being in a millionaires’ club because it applies to all income above $500,000.

The new rate puts Maryland - which boasts the nation’s highest median income, according to the Census Bureau - among the states with the highest income taxes at top earning levels if county “piggyback” taxes are included. Even with those included, Maryland still falls well short of Rhode Island’s 9.9 percent top rate.

Why can’t liberals just realize that your money is not their money and they don’t have a right to it? Why can’t liberals treat everyone “equally” under the law and why do they have to resort to separating people into different classes and taxing them at different rates?

Why? Because their power depends on it.

What happens when those that are effected by this new tax leave the state for greener pastures? Will they also impose a 25% “Don’t let the door hit you in the ass on the way out” tax to make up for revenue they will lose?

This entry was posted on Saturday, April 12th, 2008 at 2:36 pm and is filed under J.J. Jackson's Daily Opinion. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.