Gov. Martin O'Malley's notorious but temporary "millionaire tax" doesn't seem to have prompted rich folks to flee Maryland in much greater numbers than usual, according to the latest data. But that doesn't mean they're not fleeing, and it doesn't mean the tax should be resurrected, as some advocate.
Even without the millionaire surcharge that began in 2008 and expired in 2010, Maryland's income tax is sufficiently high to repel some of the wealthy. Add in this state's higher estate taxes, and we don't need another reason to push plutocrats into Virginia.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
One day people will wake up and realize that it's the middle class that the liberals are going after. The truly "rich" have little to no TAXABLE income. Raise the tax rate all you want and they won't pay a dime more. When Washington talks about the "rich" that make over $250K, that's a couple person plumbing company, not a GE who make $16 Billion in (non taxable) earnings and paid NO taxes.
It's the tax code that needs reform.
I became a Florida resident in 2009...no state income tax and no snow....
The ones that are not leaving gave big to the democrats here.Their getting payback in various ways like getting smart growth funds for marshland they own,etc.
Post a Comment