I am not a millionaire, but I did own a small business in Maryland that averaged about 2.5 million in sales a year.
I ccompletely closed down my business in Maryland in Dec 2007, and started all over in WV in 2008. I also changed my residence from Maryland to WV (yeah, WV has its own problems, but is much, MUCH better than MD).
When I closed my business, half of my employees moved to WV with me and the new entity, and half decided not to (in spite of me offering to cover their moving costs).
BOTTOM LINE: the tax situation in Maryland meant that seven people (six employees plus me) are no longer paying taxes to the Peoples Republic of Maryland.
It’ll get worse before it gets better.
Good luck in West Virginia!
Where were you MD? Where in WV did you move to? I grew up in WV and moved to MD to get a job. I am thinking very hard about going back.
Where at? I’m thinking of bailing from Maryland, too, as much as I hate to. This is my home state, but it used to be less greedy.
My wife and I are moving our business and residence from Maine to NH. We estimate a $20,000/year savings in income tax alone.