Skip to comments.Surprise: Higher taxes in Maryland chasing out the wealthy
Posted on 07/09/2012 5:45:21 PM PDT by chessplayer
In light of President Obamas exhortation to hike taxes on those making more than $250,000 a year earlier today, heres a well-timed piece of evidence demonstrating what happens when you decide youd rather engage in populist persecution and punish the wealthy for their economic contributions rather than make tough budget-cutting decisions. A new report indicates that the state of Maryland is bleeding residents and tax revenue an emigration likely due to the wildly blue states recent tax hikes.
"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 millionaires tax pushed through by Gov. Martin OMalley. 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 states wealthiest counties also had some of the largest population outflows."
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Thanks for posting, I hadn’t seen this before.
The solution here is simple. State taxation powers must be handed over to the federal government, so we can ensure the greedy rich are taxed equally high, no matter which state they flee to. Yep, that should do it.
Many Eastern Shore residents who are retired,have merely to drive a few miles and buy in Delaware to save a quick 4 to 5,Thousand dollars.
Maryland’s debt clock at 40.7 billion ,,,, 7K debt per citizen in state , 700K currently on food stamps .
When Bob Erlich(R) left office there was a 2 billion dollar surplus .
First 0’Malley ran off the millionaires with the millionaires tax ,, now he has lowered his sights to the hard working folks earning 100K and soon they will un@$$ the state leaving just the meek to pay up .