Now that you're not going to get that Supreme Court nomination (which you claimed you didn't want anyway), it looks like you're going to have to finish out your disastrous second term. And, by that I don't mean to imply that your first term was any better. But, let's not quibble, k? You may want to advise Mr. Cherry to start looking for a new line of work because I really don't see how he's going to springboard being your Lt Governor into ... well, anything.
So, I understand you folks are toying around with the idea of implementing a graduated income tax here in Michigan. Get those richies to pay their fair share during these trying times, right? Michigan's current 4.25% income tax just isn't enough for you vultures. But, you may want to look and see what happened in Maryland when they raised the income tax on the wealthy to 6.25%.
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
How much is due to the recession, and how much from relocation? Who knows. Regardless, soak the rich tax schemes in an effort to support government bloat is simply a very bad idea.
Perhaps it's time to let your husband's assistants go?
Lurv,
Carin
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