ANNAPOLIS, MD – First Maryland LOST tax revenue thanks to a “millionaire surtax”. Now recently enacted changes in the state’s tax code are causing more Marylanders to “vote with their feet” and seek residency in lower tax states.
Change Maryland has released a new report outlining recent declines in the state’s tax base. One thing is clear, wealthy Marylanders are leaving the state for less expensive (if not greener) pastures in low tax states such as Florida.
Maryland’s tax migration has made national news as financial news channel CNBC has publicized the report.
Thanks to Julie Brewington @ Right Coast Conservative for the CNBC link.