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Metropolitan DC Local Politics
Reply to "Lets see which states reduce taxes in next few years."
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[quote=Anonymous]One might argue that many wealthy Americans are not returning to their homes in blue states. I am a Democrat, and I live in a blue county in a blue state. I personally know dozens of families that may stay away at their second homes. What is a fact is that blue states like CA and NY depend heavily on the super wealthy for income tax revenues. At the Federal level, top 5% of income earners pay over 50% of the total income taxes. In terms of consumption, top 5% spend considerably more, which, of course, drives large portions of the economy, such as restaurants for example. In another words, blue states need the super wealthy. So, one might argue that there is a battle to attract the super wealthy. DMV is in a good position to retain and attract these individuals with reasonable rates on income and estates. Unfortunately, Maryland is pushing the limits here, with DC not far behind. [/quote]
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