In Maryland, Higher Taxes Chase Out Rich: Study (California, North Beach: house, buying)

[french paris]

In Maryland, Higher Taxes Chase Out Rich: Study - U.S. Business News - CNBC

I thought that MD have tons of exemptions..

[MrRational]

Originally Posted by french paris

In Maryland, Higher Taxes Chase Out Rich: Study - U.S. Business News - CNBC

I thought that MD have tons of exemptions..

Some argue, however, that there is little real evidence that higher state taxes drive out large numbers of high earners.

Originally Posted by 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.

[molukai]

I think that if the desirability is high enough, high income earners will stay in states that are high in taxation. This is surely the case in states like New York and California. The question is... is Maryland desirable enough to keep that pull?

[vicnice]

Originally Posted by molukai

I think that if the desirability is high enough, high income earners will stay in states that are high in taxation. This is surely the case in states like New York and California. The question is... is Maryland desirable enough to keep that pull?

No, MD is not desirable (great point) and don't forget businesses that refuse to setup shop in MD. This is why people just go to VA (and why VA has the greatest tax revenue with the lowest tax rate).

A millionaires tax is pretty dumb given that the upper class are *already* at the top tax brackets. Just keep repeating something until its true "the rich don't pay taxes". The rich pay most of the tax income, if you don't want to pay taxes the technique is to be poor, not rich.

[InvaderBryce]

And here comes the "political pundits" on this forum.

[LoveToRow]

Originally Posted by InvaderBryce

And here comes the "political pundits" on this forum.

Politics has a lot to do with quality of life. Head-in-the-sand lockstep liberals don't understand that. Those in Maryland will find out soon enough.

[InvaderBryce]

Originally Posted by Trace21230

Politics has a lot to do with quality of life. Head-in-the-sand lockstep liberals don't understand that. Those in Maryland will find out soon enough.

I knew you'd be in here! The only time you comment on this board is when it's convenient for you. As I said to you before, if you don't like it here, then leave. We don't need unhappy brats like you.

[North Beach Person]

The elephant in the room is that MD taxes retired pay. That's why you see a lot of retirees moving to states like PA that don't. I'm looking at that now, buying a summer house in PA and wintering here when I retire. The particular fly in my ointment is that I can't be a PA and continue some of the activities I do here.

[vicnice]

Originally Posted by North Beach Person

The elephant in the room is that MD taxes retired pay. That's why you see a lot of retirees moving to states like PA that don't. I'm looking at that now, buying a summer house in PA and wintering here when I retire. The particular fly in my ointment is that I can't be a PA and continue some of the activities I do here.

Exactly. Not understanding politics is the difference between vacationing in Australia vs Iran. For some, it's a pretty heavy hit on the pocketbook to come to MD, and that's why financial understanding is critical.

[cry_havoc]

I can tell you as a resident of Moco that high taxes are not driving out the rich here. They seem to be growing.