On Wednesday, I blogged about how North Carolina’s Amazon Tax actually resulted in lost revenues to the State.  The WSJ.com has an interesting article today, Maryland’s Mobile Millionaires, about how nearly a third of all of Maryland’s millionaires have vanished the state after it passed a tax increase on them in 2008.   This just goes to show that politicians usually do not think through the consequences of their greedy actions.

Most of you are probably thinking what I am – millionaires declined nationwide in 2008 due to the national recession.  The data goes on to show that one out of every eight millionaires that filed a Maryland tax return in 2007, did not file a Maryland tax return in 2008 – signaling that many had fled to other more tax friendly states.

I am not sure when (if ever) the elites throughout this Country will realize that they just can’t keep increasing taxes.  The answer to all of our budget problems always seems to be a tax increase. What about fiscal restraint and a massive slashing of the federal budget?

The rates are so high that mid-income to high-income individuals are refusing to start new businesses because they get so little reward for doing so.   Why would they want to take a big risk with so little opportunity for reward?  Even if they are successful, they send a bigger chunk of their profits to the government than they get to keep for themselves.