High end real estate brokers in Florida and elsewhere should start targeting the 6,000 taxpayers in Maryland who will now pay higher taxes for the sin of success.
"Howard Rensin, a successful Howard County businessman and developer, thinks many Maryland millionaires will decamp for less taxing locales."There's already been a substantial migration of people of high income out of Maryland," Rensin said. "I think you're going to see an increase in that type of flight."
Well, of course. Remember that the wealthier people are, the easier it is for them to move. All the revenues estimates that governments use in justifying tax increases are predicated on the assumption that the taxpayer will just stand there and take it in the shorts. It never happens and never will.
Meanwhile, New York passed yet another budget with an increase of twice the inflation rate. They almost imposed their own version of the millionaire tax but dropped it at the last minute, instead raising taxes and fees on everything from internet sales to manicures. And now New York cigarette taxes will be the highest in the country. They should call that the "Smugglers Full Employment Act"
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