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Thread: In Maryland, Higher Taxes Chase Out Rich: Study(edited)

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    In Maryland, Higher Taxes Chase Out Rich: Study(edited)

    Is there any way to edit the thread title? It should be the same as the article title, but is meant to demonstrate the point that, on the state level, at least, tax rate increases can provoke migration.



    In Maryland, Higher Taxes Chase Out Rich: Study
    Published: Monday, 9 Jul 2012 | 5:13 PM ET
    By: Robert Frank

    CNBC News Headlines

    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.

    In total, Maryland has added 24 new taxes or fees in recent years, Change Maryland says. Florida, which has no income-tax, has been a large recipient of Maryland's exiled wealthy.
    Last edited by Redress; 07-11-12 at 01:34 PM. Reason: As requested
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Stories like this demonstrate the necessity to be one nation with one set of laws for one people.
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by haymarket View Post
    Stories like this demonstrate the necessity to be one nation with one set of laws for one people.
    You don't like federalism?
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by haymarket View Post
    Stories like this demonstrate the necessity to be one nation with one set of laws for one people.
    So we can all live under your tyranny? No thanks. I'd probably move to another country if that was the case, or fight a revolution in this one.
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by Bigfoot 88 View Post
    So we can all live under your tyranny? No thanks. I'd probably move to another country if that was the case, or fight a revolution in this one.
    Your choice.
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by wbcoleman View Post
    You don't like federalism?
    It was a great idea for its time.
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    The States need to be competitive and create options to attract a population that will benefit the state overall.

    I live in NV (obviously) and we compete with CA for residents and businesses. We're very blatant about this. We have no personal income tax and we (almost deliberately) don't educate our workforce so the employers can pay relatively low wages.

    If MD makes their taxes or other laws to be non-competitive, certainly they will have migration as a consequence. There's nothing wrong with that. It's nice to have choices.

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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by haymarket View Post
    Stories like this demonstrate the necessity to be one nation with one set of laws for one people.
    Spoken like a true leftist MORON. Read the constitution, slowly and carefully, and note the LIMITTED federal powers. State and local gov'ts have MUCH more to do, as far as providing everyday gov't services, than the federal gov't, yet do it with far less taxation. To make everything federal is INSANE, as well as unconstitutional. Think, before you drink, even koolaid.
    Last edited by ttwtt78640; 07-11-12 at 12:35 PM.
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    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Quote Originally Posted by ttwtt78640 View Post
    Spoken like a true leftist MORON. Read the constitution, slowly and carefully, and note the LIMITTED federal powers. State and local gov'ts have MUCH more to do, as far as providng everyday gov't services, than the federal gov't, yet do it with far less taxation. To make everything federal is INSANE, as well as unconstitutional. Think, before you drink, even koolaid.
    Why are you resorting to silly personal attacks of the playground type?

    You do realize that the Constitution can be changed and has been changed......... many many times. Don't you?
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    Re: Targets of Liberal Tax Mania Vote with Their Feet

    Neil Bergsman, director of the Maryland Budget and Tax Policy Institute, said while a number of people left the state between 2007 and 2010, others moved in. The net loss, he said, is “very small,” he said.

    What’s more, he points out that the wealthy usually move because of a job change, life change or retirement rather than taxes.

    “There is no evidence that tax structures are a significant determinant in their location choices,” Bergsman said.

    What’s more, he said, Maryland is still minting high-earners and has among the highest incomes and highest concentration of millionaires in the country.

    Other studies in New Jersey, Connecticut and Rhode Island have also failed to offer proof that taxes are the main driver of out-migration by the top earners. (See here and here). In some states, weather is a bigger driver of out-migration by the wealthy than taxes.
    Not to mention that there were some alternate economic happenings between 2007-2010, in case you didn't remember.
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