QUESTION:
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
ANSWER:
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
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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