I wanted to share with you two recent efforts by the liberal Left to further penalize wealth and success in America. First, the Governor of Maryland has just signed a new law that creates a special tax bracket for millionaires. This is a special tax specifically leveled at a few thousand people in the state who have achieved the greatest amount of success. This translates into an additional $15,000 in taxes each year for each of those households. While that may not be that much actual money (for them), the point is critical: the State of Maryland is discouraging success.
The second story is from New York, where a new law is in the works to tax millionaires an additional amount in order to pay for mass transit. This one is even more out of whack. Of the 75,000 affected taxpayers, 35,000 of them don't even live in New York! A full 18% of this additional new tax will be paid by just 426 people! The irony is that Mayor Michael Bloomberg (a billionaire) would be personally stuck by this new tax, so he is not in favor of it.
Funny how liberals want to tax the rich unless it's themselves, isn't it?
Both of these efforts are direct socialism - taking money from some people and distributing it to others. These are dangerous precedents to be setting! Once this sort of taxation becomes common and accepted, it will creep downward further and further until they start hitting people in the middle class like you and me. The Alternative Minimum Tax is a perfect example. It was originally implemented to squeeze more tax money out of a handful of ultra-rich people, but now it's affecting millions of Americans, many of whom are squarely in the middle class.
We need to stop these things from even getting started. Once they do, we all lose...eventually.
There's my two cents.
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