Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][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]

And those who moved to Florida have lower "taxes" but when you factor in "fees" and the higher insurance costs, it basically evens out. Plus, you have to live in Florida, which for a lot of people is a non-starter.[/quote]

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