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

Not My Job: Brady Bunch's Florence Henderson Gets Quizzed On Weird Science

For decades, Florence Henderson, who presided over the Brady Bunch, was America's perfect Mom. We'll ask Henderson three questions about the Ig Nobels — awarded for real, if ridiculous, research.
NPR

Tracing A Gin-Soaked Trail In London

Around the world, new gin distilleries are popping up like mushrooms after a rain. NPR traces the boom to its historic roots in London, which once had 250 distilleries within the city limits alone.
NPR

Ballot Questions Draw Voters In 43 States

Ballot measures cover a lot of ground this year — from minimum wage to school calendars to one involving doughnuts and bear hunting. NPR's Charlie Mahtesian takes NPR's Scott Simon through the list.
NPR

Tech Week: Voice Mail Hang-Ups, Apple Pay And Zuckerberg's Chinese

In this week's roundup, Apple rolls out its mobile payment system but confronts a security test in China, the problem with voice mail messages and Mark Zuckerberg shows off his Mandarin.

Leave a Comment

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