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In Maryland, Higher Taxes Chase Out Rich: Study

Discussion in 'News & Current Events' started by mandym, Jul 9, 2012.

  1. mandym

    mandym New Member

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    http://www.cnbc.com/id/48120446
     
  2. InTheLight

    InTheLight Well-Known Member
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    Interesting article but no hard evidence is presented that the bulk of the 31,000 people that left Maryland were wealthy, except "A county-by-county analysis by Change Maryland also found that the state’s wealthiest counties also had some of the largest population outflows."

    Found this article from 2010, when the millionaire tax in Maryland expired, which seems to support the OP's article:

    For the fourth year in a row, Maryland has the second highest number of millionaires per capita, according to a report by the Phoenix Affluent Marketing Service.
    Despite the recession, Maryland has seen an increase in the number of millionaire households since at least 2006, when it ranked third with 6.2 percent of households. In 2007, the state rose to the number two position with 7.1 percent — the highest since 2006. In 2008, the percentage declined to 6.9, and in 2009 it dropped to 6.3 percent.
     
  3. Crabtownboy

    Crabtownboy Well-Known Member
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    I cannot find a link, but years ago I read that one third of the names in the Montgomery country, MD phone book change each year. Lots of people moving in and out is nothing new. The same is true in other Maryland urban areas. It is a very transient area.
     
  4. Jack Matthews

    Jack Matthews New Member

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    The problem with that study is credibility. It was conducted by a group that is noted in the article as an anti tax group. That should tell you right away what their conclusion will be, regardless of what facts they find.

    "A county-by-county analysis by Change Maryland also found that the state’s wealthiest counties also had some of the largest population outflows."


    The state's wealthiest counties also happen to be its most populated, which would explain why they have the largest outflow. Considering that they also happen to be counties in the Washington-Baltimore metro area, which has a higher rate of people moving in and out than just about any place else in the US, the numbers actually seem a bit low.

    The fact that 31,000 people left Maryland and many of them moved to Florida isn't suprising. Florida is where many people from the Northeast want to move when they retire.
     
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