Tuesday, May 26, 2009

US Debt dumped – Maryland tax hike on millionaires backfires

Think of a typical image of a "survivalist" even the stereotypical view: tough, able to live off the land, resourceful and ready to deal with any disaster. Does this sound like the guy who whips out a Visa Card when the going gets tough? Would you expect to see a person working to build a homestead and a sustainable life using a credit card "just for airline miles"? Or perhaps, would you expect someone living by the mantra of adapt, improvise and overcome to finance a lifestyle with a home equity loan?

http://www.marketoracle.co.uk/Article10894.html

The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."...    http://online.wsj.com/article/SB124329282377252471.html

The latest drama began this past Thursday …


 

The supply of U.S. Treasury bonds dumped on the market was so overwhelming, even the Federal Reserve, with all its massive efforts to buy up bonds, could not stop the avalanche. ...    http://marketoracle.co.uk/Article10879.html