Sunday, 17 July 2011

"Millionaires go missing"

Maryland raised taxes on “millionaires” in 2008 to 6.25 percent. How much did tax revenue go up in the first year of this new law?
A. 5% B. 13% C. 25% D. None of above
D. None of the above. The number of millionaire returns fell from 3000 to 2000 and the revenue that was projected to increase by $106 million, dropped $100 million instead.       h/t Jim Vanne

Derived from  WSJ, May 27, 2009 “Millionaires Go Missing which comments that the recession as well as out-migration contributed. 

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