Once upon a time, in a faraway land, the king and his subjects determined that the kingdom’s budget was simply not working right. So the subjects came to suggest that the richest in the kingdom….ought to pay more. The king came to agree with this logic….even saying that the rich would be “willing and able to pay their fair share”.
So the kingdom created a new millionaire bracket, raising top marginal income-tax to 6.25 percent. Somewhere in the midst of this….with various other local taxes included….this was going up to 9.45 percent.
So a year would pass…and the king’s revenue men quietly came up to the king and kind of announced that things weren’t exactly working out well.
The king was disturbed….what could possibly be wrong?
Well….normally, there three thousand millionaires in a kingdom that would submit that revenue paperwork. But now….it was barely two thousand.
The king was kinda miffed. What say you? A thousand millionaires have gone from my kingdom?
So in the scheme of things, the revenue men of the king came to collect 6.25 percent of nothing. For those in Red Bay….that’s zero, and it can never be more than zero.
So the King is missing almost $106 million. Since the king hasn’t cut his budget and can’t possibly approach his royal subjects to cut his budget….he’ll have to pass this $106 million back onto the regular non-millionaires of the kingdom. For those of you from Red Bay….wondering who exactly are non-millionaires…..well….it’s you buddy.
The sad thing to this story is that the king can’t readily recruit new millionaires to move into his kingdom. It’s a tough sale….come to be taxed more by the king and be happy over this royal privilege.
So, here’s the thing. The story is true. The state is Maryland. And the king is Gov. Martin O'Malley.
And you wonder “people willing and able to pay their fair share”….where exactly do people find brilliant moments of wisdom and utter these phrases to the media? But in a royal world….anything is possible.
Don’t worry….this won’t be on CNN, MSNBC, ABC or such. Real journalists would have gone out to find the missing 1,000 and then get a personalized interview with five of them….explaining how they saved their portion of the $106 by moving to Delaware. The funny thing….after watching this….from the remaining 2,000 millionaires….five hundred will make the judgment to pack and move. That’s how the media helps to fix things.