Moose River, which I can't mention without crooning made-up lyrics a la Mark Steyn. Don't judge me!
The plan would be funded with a 1% income tax increase on individuals making $1 million or more, which would generate about $145 million, bill sponsor state Rep. Cory Mason (D-Racine) said Tuesday. A bill pending in Congress would provide at least $135 million in matching funds, he said.
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.