Reply to What’s the plan in MD if the tax base decides to leave?

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Reply to "What’s the plan in MD if the tax base decides to leave?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The “tax base” presently and only consists of residential property taxes paid by individual households (not commercial or multi-family thanks to massive subsidies). So long as the residential real estate market doesn’t crash, the budget should hold up but the county won’t grow. Current obligations can be paid but future cannot. It will result in attrition. Starting with cuts to general services because it’s easier to take a few million off the top of the CIP than to cut specific “pet projects”. [/quote]

No, the tax base includes income taxes.  And, as CA and NYC can tell you, income taxes are generated in substantial part by the wealthiest.  For example, at the Federal level, the top 1% pay over 35% of the Federal income taxes, while the top 10% pay roughly 70%.   MC is driving out these folks.[/quote]
I don't know about NY, but those who are "fleeing" CA are MC, and some UMC.. the people who are being priced out. Yes, some very wealthy have left, but by and large, those who are "fleeing" are UMC/MC because they are being priced out of the real estate markets.

https://www.kcra.com/article/california-leaving-whos-moving-in/36358172#

[quote]Some of the key takeaways:

The people moving to California have higher incomes than those moving away.
California has been losing lower and middle-income residents to other states.
In the past five years, the flow of middle-income residents out of the state has accelerated.[/quote][/quote]

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