Maryland Exodus?

Discussion in 'Politics & Law' started by Mirage, Apr 11, 2008.

  1. Mirage

    Mirage Administrator Staff Member V.I.P.

    Maryland now has a millionaire tax.

    The cost of being rich -- baltimoresun.com

    I'd like to see how many companies move out of Maryland because of this. Then it will be interesting to see how the Maryland government deals with the impending rise in unemployment.

    The Tax Foundation - Maryland Flouts Regional Tax Competition with Historic Tax Hike

    Smart move Martin O'Malley. Become the highest taxed state in the US.

    Regardless of whether or not many businesses leave Maryland, I don't see how anybody considering moving there to start a business wouldn't look elsewhere. I can't see this helping create more jobs in any way.

    :-o
     

  2. dDave

    dDave Guardian of the Light V.I.P.

    that definitely wasn't a smart thing to do, too many millionaires are going to move out and they'll end up getting less money.
     
  3. viLky

    viLky ykLiv

    Hopefully, this doesn't become a trend and follow to other states.
     
  4. Kazmarov

    Kazmarov For a Free Scotland

    Interesting move, considering it only strengthens Virginia's claim to most of the business, real estate tax, and employment that flows out of DC as the government expands.
     
  5. pro2A

    pro2A Hell, It's about time!

    Man I'm glad I got outta that state when I did... My parents are screwed :(
     
  6. ExpectantlyIronic

    ExpectantlyIronic e̳̳̺͕ͬ̓̑̂ͮͦͣ͒͒h̙ͦ̔͂?̅̂ ̾͗̑

    I'm willing to bet that very few move away, and that Maryland ends up collecting far more in tax revenue, after all. Anyone who takes taxes as the main factor in deciding where to live or do business, and who has a significant amount of cash, is currently in Dubai or some such. As long as Maryland maintains the quality of life in their state, has skilled employees, and has people with a demand for goods and services, they should do just fine (or thrive, even).
     
    Last edited: Apr 11, 2008
  7. Mirage

    Mirage Administrator Staff Member V.I.P.

    This was a result of the Maryland tech tax being ousted.

    Maryland was going to make a 6% sales tax on all computer services performed in the state. (I'm not sure if that included computer or computer parts sales or not)

    Since that didn't pass, they made a new tax bracket instead.
     
  8. pro2A

    pro2A Hell, It's about time!

    Maryland is a small state too. It would be very easy to up and move a buisness to DE, VA, PA or WV just to avoid the higher tax bracket.
     
  9. micfranklin

    micfranklin Eviscerator

  10. MenInTights

    MenInTights not a plastic bag

    common sense is dead. Some other State tried this or something similar. I think New Jersey. So after the millionaires left they passed the tax on to people making less money! So now it is the 500K tax bracket. Look at that NE region and most of those states have heavy taxes and most of them have slow population growth. The exception is NH that has low taxes and an above average population growth. duhh..
     

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