Democrats just don't get it. American taxpayers are free to manifest their displeasure by using their feet. We reported here not so long ago about the flood of wealth that has left California due to high taxes.
From CNBC:
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.
14 comments:
My poor parents... they still live in tax riddled Maryland. That's where I grew up. Gov. O' Malley irks me to no end. Off topic but he's one more Catholyc pro-abort politician who deserves to be excommunicated.
There was an item on BBC Radio 4 today about the French imposing several new taxes upon the moderately wealthy and how our beloved leader D. Cameron had declared that Britain would welcome their refugees and their (lower) taxes with open arms.
The Beeb located one such businessman who was relocating his company, to Singapore.
Teresa - My sister lives in MD. Beautiful county and their property taxes are about a third of what I pay. Comes from a form of local government that does not include all the various layers of bureaucrats. Im my county alone there are 150 taxing jurisdictions including towns, villages, school districts, fire departments (57 of those alone), sewer districts, water districts - you name it.
banned - once the exodus starts it's hard to contain it.
As long as they don't support these losers with federal tax money, this will work itself out.
O'Malley has an OCD-like fixation with raising any and all taxes on all of his subjects, along with placing casinos on every street corner. Of course too, the third leg of the O'Malley stool was the institution of homosexual fauxmarriage. Outside of this, he seems to be another blatherskite ventriloquist's dummy for the writers of lib talking points.
The beauty of America is that people vote with their feet. The upper midwest has already been through this. They're known as the rust belt now because people got fed up and moved elsewhere, creating a manufacturing boom in the south.
Liberals will never understand what they do.
Rich people aren't just leaving California or Maryland, they are leaving the nation. They don't trust out government and I absolutely do not blame them. American HAS been good to them, that doesn't mean it can now eat them. If I were a billionaire, I would be getting out before I couldn't.
Kid - like water, this is self leveling. It will flow to the lower leveles.
Andy - blatherskite. I like that! It's not very often that someone makes me look up a word...
Silverfiddle - unfortunately there are also too many people in this country that vote with their ass.
Odie - liberals don't understand much at all. I would say that it is a form of insanity but then they would all apply for SSI.
Doom - reminds me of the flight of the Jews from Germany in the '30's.
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