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6/8/2009
Rep. Petersen: Who pays when high-income taxpayers fight back?
This week’s E-press covers an issue that has received very little attention, but will significantly affect everyone living in the state of Wisconsin. At 3:51 am on May 29th, the Joint Finance Committee passed the general funds taxes omnibus motion.
This 6 page motion included Governor Doyle’s budget recommendation to create a fifth income tax bracket and extend a tax rate of 7.75% to incomes exceeding $300,000.
Governor Doyle and legislative Democrats believe class warfare on the rich will bring in more revenue to the state coffers. Revenue collection in the State of Maryland, which increased the same tax last year, indicates the exact opposite.
An article dated May 27, 2009 posted on the Wall Street Journal Opinion Page, “Maryland’s fleeced taxpayers fight back,” depicted the chain of events when Maryland’s Legislature raised the tax rate from 5.5% to 6.25%. (Note the difference between Maryland’s 6.25% upper tax rate compared to Governor Doyle’s new 7.75% rate.)
In 2008, 3000 millionaires filed tax returns in Maryland. In 2009, that number lowered to 2000. You read that correctly. Just as stated in the Laffer and Moore’s report, money is mobile and 1/3 of the millionaires residing in Maryland moved to tax-haven states.
It was predicted that Maryland would collect an additional $106 million in tax revenue from the increased upper tax bracket. Instead, even at the higher rate, Maryland millionaires paid $100 million less in taxes than they did the previous year.
In his budget address, Governor Doyle stated: “If you’re like 99 percent of Wisconsin, you won’t pay this tax.” But ultimately, when the people and businesses these taxes are targeted towards are no longer located in Wisconsin, it will be everyone left behind who pays for the governor’s spending.
Kevin Petersen is a Republican and represents residents of the 40th Assembly District. To subscribe to Rep. Petersen's weekly E-press, contact him at Rep.Petersen@legis.wisconsin.gov.
COMMENTS
Doyle, et al just don't understand that no society can ever TAX its way to prosperity. Just as his arrogance blinds him to the fact his popularity is only 34%. Recall Doyle!
emily matthews (Tue Jun 09 08:40:32 2009)
The reason the number of millionaire taxpayers in Maryland declined may well have been that the economic polities of the national government that produced the George W. Bush recession just took away that much wealth.
Rich Eggleston (Tue Jun 09 11:05:26 2009)
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