Shocking
Maryland decides to raise money by taxing millionaires. Millionaires respond by leaving.
Remember, I do this to entertain me, not you.
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May 14th, 2009 at 9:31 am
I lived in MD for a decade. It is a strange place, very insular (many residents can’t imagine anywhere else as home), very corrupt (Spiro Agnew was not an unusual MD governor, just another corruptocrat in a long line that continues to the present), and far gone down the path of socialism. After I finally got out, I often wondered how MD kept me trapped for so long.
I left almost a decade ago, now, and I wasn’t a millionaire or anywhere near it. I left for the same reasons listed in the article, though. Look for more movement away from that state.
May 14th, 2009 at 10:14 am
Who is John Galt?
May 14th, 2009 at 10:52 am
I also moved out of Maryland many years ago, and the reasons why I wouldn’t live there again are legion.
That being said, in all fairness, the linked article states that although some think that millionaires are leaving Maryland in reaction to the higher taxes imposed on them, there’s no evidence (yet) to support such a conclusion. I tend to agree.
People who want to live in Maryland, such as the millionaires who live there now (Dan Snyder comes to mind), will find a way to stay there, even if it means structuring their income in such a way to avoid the onerous taxes. And the rich folk are the ones with the resources to find a way around it.
May 14th, 2009 at 11:11 am
Oh, look the trapped millionaires, those with businesses, aren’t making the cut with the downturn. The fluid millionaires are now living out of one of their other homes. Who could have seen this reaction?
The downside is that these millionaires are the same good citizens who made the Peoples Republic what it is and like Californians, they will be infecting others parts of free America with their socialist ways. Personally, I think they should be prevented from moving unless they sign a binding agreement to give up their failed ideologies.
May 14th, 2009 at 2:20 pm
I’ve often felt that Walmart should remove all its stores from MD, then re-open them just across the state line in PA, DE, VA, and WV.
May 14th, 2009 at 9:50 pm
“Right now, we’re digging through a pile of tax returns and trying to understand this.”
Dumbasses. Racist Lefties call this “White Flight”. Economists call this “Voting with their feet”. When an environment becomes intolerable hostile to it’s residents those who can leave, such as millionaires, do. The Laffer Curve wasn’t a theory, folks.