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In Maryland, Higher Taxes Chase Out Rich: Study
CNBC ^ | 07/09/2012 | Robert Frank

Posted on 07/10/2012 8:05:18 AM PDT by In Maryland

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.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Local News; Society
KEYWORDS: consequences; martinomalley; maryland; taxes
Democrats consistently refuse to learn about dynamic economics and unintended-consequences. Increased taxes often REDUCE tax revenue.
1 posted on 07/10/2012 8:05:26 AM PDT by In Maryland
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To: In Maryland
Liberals seem to think that the "rich" will just roll over, take out their wallets and willingly pay more taxes. The rich, however, didn't get rich by being stupid and will very understandably look for ways to keep more of their hard earned money including moving to other states and even other countries.

If we were smart we would be recruiting the world's rich to invest in the USA with lower tax rates. Look at the capital already fleeing France. With a sensible tax policy that capital could be flowing into the USA.

2 posted on 07/10/2012 8:14:58 AM PDT by The Great RJ
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To: In Maryland
Democrats consistently refuse to learn about dynamic economics and unintended-consequences.

Actually they have learned that lesson. Why do you think they are pushing for U.N. global taxes?

3 posted on 07/10/2012 8:15:17 AM PDT by Buckeye McFrog
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To: In Maryland

No, really?! I’m shocked. WHO could have seen that coming? Imagine it—intelligent, successful people voting with their feet.

I am a resident of Maryland and I have rich friends who have moved out of the state. Some have moved to Virginia, others to states further south. I’m in no danger of becoming rich myself, but I’m planning to move too, and I’ll be taking my property taxes, sales taxes, and purchasing power with me. Other friends who are small businesspeople or physicians are getting out of Maryland. They are being driven mad by Maryland’s intense, intrusive regulation and taxation that makes owning a business in Maryland a nightmare. We just can’t afford it here. And as legal residents, we get nothing for our taxes. If I can just find a job in Virginia, I’m out of here.

The idiots in Annapolis and Baltimore invite every ne’er-do-well illegal immigrant to Maryland, subsidize laziness, over-control the law-abiding, cooperative citizens, discourage investment, drive up the cost of doing business, frighten away the successful, entrepreneurial people—and then they wonder why Virginia is doing so well economically and Maryland is tanking.

Am I bitter? (furious insane laughter)


4 posted on 07/10/2012 8:15:54 AM PDT by ottbmare (The OTTB Mare)
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To: In Maryland

I get a sense that quite a few of these types never learn their lesson and then vote for the same Democrat class warfare crap once they head south. Infuriates me. Unless you change your ways, stay the heck out of Tennessee, please!


5 posted on 07/10/2012 8:18:57 AM PDT by KingOfVagabonds
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To: In Maryland

Democrat logic at work:

Tax smoking to get less of it.

Tax the rich to get... uh... less of them?


6 posted on 07/10/2012 8:20:36 AM PDT by bolobaby
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To: In Maryland

7 posted on 07/10/2012 8:21:23 AM PDT by dfwgator (FUJR (not you, Jim))
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To: ottbmare
Once I retire, I will be looking to move out of Maryland. The state is going the same way as Baltimore City - too many handouts, so

They raise taxes

Taxpayers leave

Budget shortfall

Raise Taxes

Taxpayers leave

Budget shortfall

Raise taxes

Repeat until bankrupt.

8 posted on 07/10/2012 8:22:56 AM PDT by In Maryland ( "... the [Feds] must live with the inconvenient fact that it is a Union of independent States)
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To: In Maryland

Democrats fervently believe wealthy people without exception are innately masochistic.


9 posted on 07/10/2012 8:27:56 AM PDT by monocle
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To: ottbmare

And you know what’s worse? I love my house. I have lived here for 20 years, raised my kids here. The location is perfect. I’ve done so much work on the place and it’s beautiful now, inside and outside. But Martin O’Malley is driving me out.


10 posted on 07/10/2012 8:28:03 AM PDT by ottbmare (The OTTB Mare)
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To: In Maryland

Democrats fervently believe wealthy people without exception are innately masochistic.


11 posted on 07/10/2012 8:28:03 AM PDT by monocle
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To: In Maryland

Democrats fervently believe wealthy people without exception are innately masochistic.


12 posted on 07/10/2012 8:28:15 AM PDT by monocle
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To: The Great RJ

Well, surprise, surprise, surprise.

Money, like water, gravitates to where it may flow freely, and those who accumulate the money are never far behind.

Geese that lay golden eggs are to be cultivated and given much esteem, lest they test their powers of flight and take wing.


13 posted on 07/10/2012 8:28:59 AM PDT by alloysteel (Fear and intimidation work. At least on the short term.)
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To: In Maryland

Come on down to the Missouri Ozarks.
Folks are friendly, taxes low, fish plentiful and if you like venison or wild turkey (the bird) you’ll find lots, even in your back yard.

The Conservation Department is also trying to restart a population of elk in SE Missouri, so count on some kind of a hunting season for these freezer busters in a few years.

Did I mention low taxes ?


14 posted on 07/10/2012 8:28:59 AM PDT by Eric in the Ozarks
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To: ottbmare

I too am a Maryland resident. Everything you said is dead on accurate. The only thing I would add to your list is that crime is a big and growing problem, especially in Baltimore City.

Maryland is a hopeless case. We’re fixing up the home and have already started our search for another state to live in.

Good luck with your job hunt. Regards.


15 posted on 07/10/2012 8:31:01 AM PDT by Starboard
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To: In Maryland
wealthy Maryland residents may be moving out due to recent tax hikes

Capital flows from conditions of low productivity of capital to higher productivity of capital. If libtards hate higher savings and investment and capital accumulation which leads to economic progress and higher standard of living for the average wage earner, then raise those taxes on the rich as high as possible.

16 posted on 07/10/2012 8:43:09 AM PDT by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
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To: In Maryland
....unintended-consequences.

No, that's the lesson they learned from James Michael Curley.

As a 4-term mayor of Boston, he jacked up the taxes on the well-to-do to chase out the people most likely to pose opposition to him. (Truman granted the corrupt former US Rep and mayor a pardon...)

The first black mayor, another 4 termer, iirc, of Detroit also chased out the whites and others that would oppose him, and about two generations later, Detroit is a shrinking "metropolis".

17 posted on 07/10/2012 8:50:42 AM PDT by Calvin Locke
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To: In Maryland

And they are chasing the rich out of the country!


18 posted on 07/10/2012 9:08:27 AM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: KingOfVagabonds

You guys are lucky. You only had about 40% of your citizens vote for Obama in Tennessee. I had 60% in my state.

Not that I was suprised by that...:(


19 posted on 07/10/2012 9:09:41 AM PDT by rlmorel ("The safest road to Hell is the gradual one." Screwtape (C.S. Lewis))
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To: In Maryland

The Leftist Project wants UN taxing authority to end this voting-with-your-feet nonsense.


20 posted on 07/10/2012 9:11:26 AM PDT by Paine in the Neck (Socialism consumes everything)
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To: Eric in the Ozarks
Eric, I appreciate the invite, FRiend - but my impression is that my two great loves - Live Italian Opera Performances and Live Performances of Shakespeare are not a big thing down that way. But please correct me if I am mistaken!

Enjoy the hunting!

21 posted on 07/10/2012 9:13:58 AM PDT by In Maryland ( "... the [Feds] must live with the inconvenient fact that it is a Union of independent States)
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To: Jack Hydrazine
Quite literally! Denise Rich for instance:

http://abcnews.go.com/blogs/business/2012/07/socialite-songwriter-denise-rich-renounces-citizenship/

22 posted on 07/10/2012 9:17:00 AM PDT by In Maryland ( "... the [Feds] must live with the inconvenient fact that it is a Union of independent States)
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To: In Maryland

Amen brother!!

I’m currently doing a 3-5 stretch in the Peoples Penetentiary of Montgomery County!

After that, I’m flyin’ the coop!


23 posted on 07/10/2012 9:50:09 AM PDT by catman67
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To: In Maryland
Well... Country & Western Mecca Branson is about 90 minutes away.

They have opera but I don't think its performed by Italians.

24 posted on 07/10/2012 10:02:49 AM PDT by Eric in the Ozarks
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To: In Maryland

There are some interesting numbers below....at some point its gonna start looking like a “bank run” ...which is essentially what it is...

The Feds are desperately worried some of the 50% of the population they use as cash cows to help them fund their delusions are catching on...and leaving....

“Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.”

http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBRE83F0UF20120416

Even more alarming....in 1997 the list was ONLY 90 people renouncing...so that year, 2011, it was TWENTY times greater that in 1997...

http://www.gpo.gov/fdsys/pkg/FR-1997-01-30/html/97-2283.htm


25 posted on 07/10/2012 10:11:04 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Eric in the Ozarks

FRiend ... there is a difference between “opera” and “opry” - though both can be very enjoyable! -SMILE-


26 posted on 07/10/2012 11:11:17 AM PDT by In Maryland (Don't Send Law Enforcement to a gunfight carrying BEANBAGS!!!)
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To: Starboard

What they need to do is pass a law that no one can move from the state! Anyone who leaves the state without approval will have all their money and goods taken over by the state! That would work! Didn’t they do this in the USSR? See who well that worked.


27 posted on 07/10/2012 12:28:51 PM PDT by Forward the Light Brigade (Into the Jaws of H*ll)
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To: In Maryland; Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; cindy-true-supporter; ..

Maryland “Freak State” PING!


28 posted on 07/14/2012 9:15:07 PM PDT by Tolerance Sucks Rocks (Obama should change his campaign slogan to "Yes, we am!" Sounds as stupid as his administration is.)
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