Fed-Up Maryland Millionaires Say Adios

Another big-spending, high-tax state ran into budget problems last year.  Naturally, Maryland politicians played the class warfare card and hiked taxes on millionaires.  As in California, New York, and elsewhere, the wealthy of Maryland appear to be fighting back the only way they can:  with their feet.

According to this Wall Street Journal piece, state tax authorities reported the number of returns filed by millionaires is down 33% for the year.  Of course this is partially due to the recession.  But no doubt some taxpayers finally got fed up enough to leave.  “Christopher Summers, president of the Maryland Public Policy Institute, notes: ‘Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it’s easy for them to change their residency.'”

Last month I wrote a post titled “Scaring off the Taxpayers Who Shoulder  the Load” about New York’s governor Paterson wishing Rush Limbaugh and his taxes good riddance.  Now billionaire (and former gubernatorial candidate) Tom Golisano is taking his money to low-tax Florida.  He got tired of paying New York an extra $13,000 a day for the privilege of living there.

It’s very easy for most wealthy people to change their residency.  If they leave New York, New Jersey, Maryland, and California for the friendly confines of Florida, South Carolina, and Virgina, who will pay for the bloated governments they leave behind?

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