A new report says wealthy Maryland residents may be moving out due to recent tax hikes – a finding that is sure to escalate the battle over taxing the American rich.
The study, by the anti-tax group Change Maryland, says that a net 31,000 residents left the state between 2007 and 2010, the tenure of a "millionaire's tax" pushed through by Gov. Martin O'Malley. The tax, which expired in 2010, in imposed a rate of 6.25 percent on incomes of more than $1 million a year.
The Change Maryland study found that the tax cost Maryland $1.7 billion in lost tax revenues. A county-by-county analysis by Change Maryland also found that the state’s wealthiest counties also had some of the largest population outflows.
In total, Maryland has added 24 new taxes or fees in recent years, Change Maryland says. Florida, which has no income-tax, has been a large recipient of Maryland's exiled wealthy.
“Maryland has reached the point of diminishing returns. We're taxing people too much and people are voting with their feet," said Change Maryland Chairman Larry Hogan. “Until we change our focus from tax increases to increasing the tax base, more people are simply going to leave, leading to a downward spiral of raising revenues on fewer citizens
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
8 comments:
Remember last year,the state appointed people to look for the rich who moved out of the state.If that isnt communist,what is?
A move to tax free Delaware looks good to me, our Governer is a disgrace to my Irish heritage.
those remaining in our state are moving to worchester county and those moving out of state are going to florida and other lower taxed states. makes sense to me.
If the rich are fleeing howwill this impact your downtown plans? It will make it quite hard to convince smart business people to invest in downtown in Maryland - let alone a dead Dalisbury.
You still have rich landlords downtown.
GOOD BYE MD....Moving to NC
Maryland SUCKS.
Build a wall around maryland instead of investing in overbuilt expensive highways. A wall worked in berlin for 30 years,why not maryland.
Also, ask yourself where the tax money goes. Much of it does not stay in the state of maryland.
Post a Comment