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In Maryland, Higher Taxes Chase Out Rich: Study

Posted By admin On July 10, 2012 @ 1:43 am In Money Watch | Comments Disabled

Robert Frank
CNBC [1]
July 10, 2012

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.

Full story here. [1]

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URL to article: http://www.prisonplanet.com/in-maryland-higher-taxes-chase-out-rich-study.html

URLs in this post:

[1] CNBC: http://www.cnbc.com/id/48120446

[2] Middle Class–Not the Rich or the Poor–Pay Majority of Federal Taxes, Says CBO Data: http://www.prisonplanet.com/middle-class-not-the-rich-or-the-poor-pay-majority-of-federal-taxes-says-cbo-data.html

[3] How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More: http://www.prisonplanet.com/how-the-super-rich-avoid-taxes-even-as-they-demand-that-the-rest-of-us-pay-more.html

[4] Maryland County Bans Gun Shows: http://www.prisonplanet.com/maryland-county-bans-gun-shows.html

[5] HSBC Says Switzerland Luring More Rich Foreigners as Taxes Rise: http://www.prisonplanet.com/hsbc-says-switzerland-luring-more-rich-foreigners-as-taxes-rise.html

[6] White House Calls Out New Study Showing Obama’s Plan to Tax the Rich Would Slow the Economy Further: http://www.prisonplanet.com/white-house-calls-out-new-study-showing-obama%e2%80%99s-plan-to-tax-the-rich-would-slow-the-economy-further.html

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