Montgomery Suffers Huge Decline In Taxable Income | WAMU 88.5 - American University Radio

: News

Filed Under:

Montgomery Suffers Huge Decline In Taxable Income

Play associated audio

ROCKVILLE, Md. (AP) Montgomery County is losing its share of millionaires, causing a sharp decline in income tax revenue.

County officials estimate next year's budget deficit will be more than $761 million. Much of the shortfall is tied to a few residents who have either lost money in the economy, died or fled Maryland's new millionaire tax.

County records show Montgomery lost $4.6 billion in taxable income between tax years 2007 and 2008. The number of income tax returns above $1 million declined by 27 percent during that time.

County Executive Isiah Leggett says some wealthy residents who own homes in other states are establishing residency elsewhere. Officials believe the state's millionaire tax is a factor.

The tax is set to expire this year. The General Assembly is considering an extension.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

NPR

An Outsider In Buenos Aires Goes Incognito, For Love Of Tango

Carolina de Robertis' new novel God of Tango centers on a 17-year-old widow, recently arrived from Italy with little besides a violin. It's Argentina, 1913 — and a magical new music fills the barrios.
NPR

Matt Stonie Downs 62 Hot Dogs For Coney Island Title

The new champion came in second last year in the annual contest put on by Nathan's Famous Hot Dogs, besting eight-time champ Joey "Jaws" Chestnut by 2 dogs.
NPR

A Reopened Embassy In Havana Could Be A Boon For U.S. Businesses

When the U.S. reopens its embassy in Havana, it will increase its staff. That should mean more help for American businesses hoping to gain a foothold on the Communist island.
NPR

Pilot In Solar-Powered Plane Sets Aviation Record

André Borschberg, flying Solar Impulse 2, set a new record of 120 hours in the cockpit on a journey from Japan to Hawaii.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.