Florida Does Have Open Arms and No Income tax

…you know, besides all that sunshine and pretty sand.

In Maryland, Higher Taxes Chase Out Rich: Study

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.

One Response to “Florida Does Have Open Arms and No Income tax”

1. Kathy Kinsley says:

   July 10, 2012 at 7:47 pm

   ” besides all that sunshine and pretty sand.”

   And hurricanes… but there’s always a snake in any paradise. 😉