In less than six months, more than a billion dollars of expected tax money evaporated in Maryland, upending rosy talks of tax cuts and launching partisan spending fights.
Where did the money go?
The stock market gains of a tiny number of ultra-wealthy people did not generate as much tax money as state budget forecasters predicted.
When forecasters are this wrong about the financial fortunes of the state's top taxpayers, Maryland's governor and General Assembly have to cut the budget by tens of millions of dollars.
The business and tax environment is still too onerous here in the 'FREE' State! Businesses are still choosing to (re)locate elsewhere. People with mobility are taking their wealth elsewhere.
Reduce the taxes on aviation businesses, parts, and fuel and we'll be able to get some of that business back from neighboring states. We will soon be the last state to continue taxing aviation to death here! Abolish the sales and use tax on aircraft and their owners will come here instead of Delaware and Pennsylvania!
People with that kind of money can move it elsewhere!
1 Billion is a pretty big miss. Even Dan Satterfield doesn't miss a guess by that much. Many of my wealthy clients are moving to more tax-friendly states. I don't blame them.
The business and tax environment is still too onerous here in the 'FREE' State! Businesses are still choosing to (re)locate elsewhere. People with mobility are taking their wealth elsewhere.
ReplyDeleteReduce the taxes on aviation businesses, parts, and fuel and we'll be able to get some of that business back from neighboring states. We will soon be the last state to continue taxing aviation to death here! Abolish the sales and use tax on aircraft and their owners will come here instead of Delaware and Pennsylvania!
People with that kind of money can move it elsewhere!
Small businesses continue to get taxed and regulated out the ying yang here and I dont see any relief coming.
ReplyDeleteCorruption of these people makes me sick. It's so unfair to WE THE PEOPLE.
ReplyDelete1 Billion is a pretty big miss. Even Dan Satterfield doesn't miss a guess by that much.
ReplyDeleteMany of my wealthy clients are moving to more tax-friendly states. I don't blame them.
Oh MY. Hogan turning into a darn O'Malley.....money always disappeared around him too!!!!
ReplyDeleteSomeone missed the point of the article....$ never came in - not stolen/diverted.
ReplyDelete