Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/[/quote]

but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.[/quote]

I don't think the governor's budget proposal should be based on your personal preferences. If you want to move to Virginia, then move.[/quote]

They will. It happened in MA. The state raised taxes on high net worth households and saw a significant enough outmigration of those demographics, mostly to Florida, that anticipated revenues absolutely did not materialize. It's not hard to establish residency in Florida while retaining a home in MA. Even moderately comfortable people do it all the time from Maryland.

The threshold for the income tax increase is pretty low. Looks like it's $175k HHI. Which is nothing in Maryland. Nothing. Which also means most DCUMers will be paying higher taxes if they live in Maryland. It will see a push towards VA as people vote with their feet over time, which they already do. And retirees too.

I just hope Moore is really confident of his reelection chances. One reason why Hogan was so popular was he didn't raise taxes. And a strong centrist candidate running on a cutting tax platform could definitely have a chance against Moore. [/quote]

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