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pooltchr
04-18-2011, 06:56 AM
I was listening to Bob Brinker's Money Talk yesterday and he made a comment about how the state of Maryland had passed a high earner tax, and how the end result of the tax was that state revenues actually dropped as people affected simply moved out of the state.

I haven't been able to confirm it, but Mr Brinker is usually pretty accurate with the information he puts on his show.

Anyone know what he was talking about? If it's true, it would seem to be a perfect small scale example of what happens to a country that tries to over tax corporations.

Steve

jimmyg
04-18-2011, 10:58 AM
There are several examples of that happening, Oregon is another.

Maryland: http://online.wsj.com/article/SB124329282377252471.html

J

pooltchr
04-18-2011, 02:34 PM
Yeah...but the Wall Street Journal....obviously a right wing rag with no journalistic ethics!

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Steve

LWW
04-18-2011, 04:01 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body">I was listening to Bob Brinker's Money Talk yesterday and he made a comment about how the state of Maryland had passed a high earner tax, and how the end result of the tax was that state revenues actually dropped as people affected simply moved out of the state.

I haven't been able to confirm it, but Mr Brinker is usually pretty accurate with the information he puts on his show.

Anyone know what he was talking about? If it's true, it would seem to be a perfect small scale example of what happens to a country that tries to over tax corporations.

Steve </div></div>

The same thing is happening in NYC and NY state.

pooltchr
04-18-2011, 05:14 PM
Sure lends a lot of credibility to the theory that raising taxes on the rich will not increase revenues, and will very likely result in the opposite outcome.

Steve

LWW
04-19-2011, 03:42 AM
A similar situationis arising with tobacco taxes.

States which have raised them too far are not finding declining revenues from the tax combined with increased law enforcement costs as tobacco smuggling and counterfeiting has become another organized crime business line.