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 ...
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.
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)
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!
Democrat logic at work:
Tax smoking to get less of it.
Tax the rich to get... uh... less of them?
They raise taxes
Taxpayers leave
Budget shortfall
Raise Taxes
Taxpayers leave
Budget shortfall
Raise taxes
Repeat until bankrupt.
Democrats fervently believe wealthy people without exception are innately masochistic.
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.
Democrats fervently believe wealthy people without exception are innately masochistic.
Democrats fervently believe wealthy people without exception are innately masochistic.
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.
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 ?
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.
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.
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".
And they are chasing the rich out of the country!
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...:(
The Leftist Project wants UN taxing authority to end this voting-with-your-feet nonsense.
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