The New Fad--Taxing Millionaires

I have to admit, I have wanted to be rich all my life. I have dreamed of having a bank balance that has seven figures to the left of teh decimal point and a salary to boot. But the latest fad in tax policy puts a great deal of disincentive into that dream. But with Maryland having a new a millionaire's tax bracket, it seems as though the dream is not worth the price I have to pay to Uncle Marty.

The new rate puts Maryland - which boasts the nation's highest median income, according to the Census Bureau - among the states with the highest income taxes at top earning levels if county "piggyback" taxes are included. Even with those included, Maryland still falls well short of Rhode Island's 9.9 percent top rate.

To join the Maryland club, you have to be a real millionaire - earning $1 million a year you can't offset with deductions. Just owning a big house that's appreciated won't cut it. Some sole proprietorships, limited liability corporations and other small businesses will pay, however.

What is the point in trying to become a millionaire (and pay more in terms of real dollars in taxes) when the General Assembly just takes more money?

What is it with the hatred for rich people? Do we just assume they don't deserve their money?