Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][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]

Anecdotes and personal beliefs are irrelevant. Florida has substantial population growth. People absolutely vote with their feet. Affluent families have been moving to Florida for a long time now thanks to their tax codes and lax state residency requirements. In my affluent Baltimore suburb a fair few long term residents are officially residents of Florida judging from their license plates. They spend the winters in Florida, spring and fall in Baltimore and summer in New England. Completely legal and they avoid the income tax and their estate avoids Maryland estate taxes. Expect to see a lot more of this as it's not difficult nor particularly expensive for snowbirds to get a condo in Florida for half the year.

Wishing this isn't so isn't going to change anything. Maryland is steadily becoming a higher and higher tax state and it'll be interesting to see how it plays out, especially for the DMV with ease of access to DC, which you already see re relative value of real estate on either side of the river for comparable properties. [/quote]

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