Why would this possibly happen?
ANNAPOLIS, Md. (AP) – A year after Maryland became one of the first states to create a higher tax bracket for millionaires, the state’s comptroller says the number of Marylanders in that bracket appears to be declining.
The comptroller’s office says taxes collected from those in the top bracket fell by about $100 million.
The number of Marylanders with more than $1 million in taxable income who filed by the end of April fell by one-third, to about 2,000.
Comptroller Peter Franchot says some may have filed for an extension, but it looks like there is a “substantial decline” in the highest bracket.
Franchot says collections could fall $130 million short of current projections if the current course continues and that could mean more budget cuts later this year.
So, when you tax someone too much, they go away? Amazing.
It’s a simple but important lesson. You’d think some of our friends on the left would have learned this by now.