MD passes millionaire tax: The cost of being rich

The cost of being rich in MarylandAs property values drop, look for more of this.  States will be fighting for survival.  “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.”  http://www.baltimoresun.com/news/local/carroll/bal-te.md.millionaire09apr09,0,5222521.story

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