By Nina Easton for Fortune
Leaders around the world want the rich to keep giving. But when the wealthy get tired of getting tapped, guess who gets stuck with the tab?
… Nevertheless, French President François Hollande has some company among Democratic governors in the U.S. facing strapped budgets. Maryland’s Martin O’Malley is raising taxes again, this time on the state’s top 14% of earners. O’Malley rejects claims of critics who say he is driving out well-to-do residents. But the savings to those who move across the Potomac River to Virginia are substantial: from $6,000 for a $250,000-income household to $28,000 for a joint-earner $1 million household with two children — roughly equal to the annual payments on a $700,000 home in Alexandria, according to the Tax Foundation.
“Taxes you don’t pay are always popular,” says Christie, “but the story doesn’t stop there. There are never enough rich people to tax. After they tax these folks, they’re coming after you.” (my emphasis)
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