Anonymous
07/16/2012 12:37
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:Anonymous wrote:What about this report: MD still has the highest # of millionaires. Why didn't they all leave if the taxes are so horrible?
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
That was 2010-11 before tax hikes, moron
Uh, the original article the OP posted about the LOSS of millionaires is ALSO before the tax hikes. Soooooo..... which article is accurate? Moron.
You need to update your tax history. There were two periods of higher tax rates.
Anonymous
07/16/2012 12:26
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:What about this report: MD still has the highest # of millionaires. Why didn't they all leave if the taxes are so horrible?
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
That was 2010-11 before tax hikes, moron
Uh, the original article the OP posted about the LOSS of millionaires is ALSO before the tax hikes. Soooooo..... which article is accurate? Moron.
Anonymous
07/12/2012 17:38
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:What about this report: MD still has the highest # of millionaires. Why didn't they all leave if the taxes are so horrible?
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
That was 2010-11 before tax hikes, moron
Uh, in case you didn't notice none, of the stories in this thread are about 2012 statistics. Because no one has filed their 2012 tax returns, idiot.
Anonymous
07/12/2012 17:35
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:What about this report: MD still has the highest # of millionaires. Why didn't they all leave if the taxes are so horrible?
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
That was 2010-11 before tax hikes, moron
Anonymous
07/12/2012 11:37
Subject: Maryland Losing More High Income Residents Due to Tax Rates
What about this report: MD still has the highest # of millionaires. Why didn't they all leave if the taxes are so horrible?
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
http://www.nbcwashington.com/news/local/Most-Millionaires-Per-Capita-MD-133451103.html
Anonymous
07/11/2012 11:55
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
OK, Let's do the math. Since they claimed most of those fleeing (ha) went to VA, we can start there:
Income VA Tax MD Tax
$1 million 57K 55K
$2 million 115K 125K
$3 million 172K 187K
Lets take that guy making $2 million a year. He's a lawyer and his billable rate is $650/hr.
He's not going to pull his kids out of school and commute across the beltway to his $2 million / yr job in order to save $10K in taxes. In fact, if it adds even 10 minutes to his commute, which works out to 80 hours of time lost a year, he would rather have the time than the 10 grand. After all that 80 hours is worth $52K if he bills them instead of drives them.
http://online.wsj.com/article/SB124329282377252471.html
maryland tried this once before. They did not even come close to the revenue they expected. It is not just the state taxes. Add in MoCo and the taxes never stop. Not all these people are commuting every day. Top lawyers at these firms are traveling a great deal or doing lots of work at home so your analysis does not apply as well as you think.
We already debunked the WSJ article months and months ago. You can google it.
I did and this is what I found
http://taxprof.typepad.com/taxprof_blog/2010/03/12-of-rich-flee.html
http://www.cnbc.com/id/46413845
Rankings for doing business
Virginia #3
maryland #31
Maryland Cost of business #42
Cost of Living #43
Virginia Cost of Business #32
Cost of Living #20
Higher taxes and regulations in Maryland have a lot to do with these rankings. You can keep kidding yourself and voting in these politicians who think people who make money are their ATM's but at some point, there won't be enough people left to tax and there won't be any new jobs. Why do you think MoCo did not add any net new jobs in the last few years. Why do you the commercial real estate vacancy rate in MoCo is still pretty high? Part of it is the retraction by the Federal Govt but the other part is the high taxes and regulation barriers that the state and the county have put in place. People are not willing to give Maryland or MoCo extra dollars anymore for what we get in return.
IF you want to switch horses and talk about some other set of rankings, fine.
I stand by the statement that the WSJ article about millionaires fleeing was studied after it came out. It turned out that there was a drop in million dollar tax returns because of the downturn in the economy, but that the individuals had largely remained in MD. So given that the article was patently false, it seemed worth pointing out.
Anonymous
07/11/2012 11:42
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
OK, Let's do the math. Since they claimed most of those fleeing (ha) went to VA, we can start there:
Income VA Tax MD Tax
$1 million 57K 55K
$2 million 115K 125K
$3 million 172K 187K
Lets take that guy making $2 million a year. He's a lawyer and his billable rate is $650/hr.
He's not going to pull his kids out of school and commute across the beltway to his $2 million / yr job in order to save $10K in taxes. In fact, if it adds even 10 minutes to his commute, which works out to 80 hours of time lost a year, he would rather have the time than the 10 grand. After all that 80 hours is worth $52K if he bills them instead of drives them.
http://online.wsj.com/article/SB124329282377252471.html
maryland tried this once before. They did not even come close to the revenue they expected. It is not just the state taxes. Add in MoCo and the taxes never stop. Not all these people are commuting every day. Top lawyers at these firms are traveling a great deal or doing lots of work at home so your analysis does not apply as well as you think.
We already debunked the WSJ article months and months ago. You can google it.
I did and this is what I found
http://taxprof.typepad.com/taxprof_blog/2010/03/12-of-rich-flee.html
http://www.cnbc.com/id/46413845
Rankings for doing business
Virginia #3
maryland #31
Maryland Cost of business #42
Cost of Living #43
Virginia Cost of Business #32
Cost of Living #20
Higher taxes and regulations in Maryland have a lot to do with these rankings. You can keep kidding yourself and voting in these politicians who think people who make money are their ATM's but at some point, there won't be enough people left to tax and there won't be any new jobs. Why do you think MoCo did not add any net new jobs in the last few years. Why do you the commercial real estate vacancy rate in MoCo is still pretty high? Part of it is the retraction by the Federal Govt but the other part is the high taxes and regulation barriers that the state and the county have put in place. People are not willing to give Maryland or MoCo extra dollars anymore for what we get in return.
Anonymous
07/11/2012 10:12
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:Anonymous wrote:WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
OK, Let's do the math. Since they claimed most of those fleeing (ha) went to VA, we can start there:
Income VA Tax MD Tax
$1 million 57K 55K
$2 million 115K 125K
$3 million 172K 187K
Lets take that guy making $2 million a year. He's a lawyer and his billable rate is $650/hr.
He's not going to pull his kids out of school and commute across the beltway to his $2 million / yr job in order to save $10K in taxes. In fact, if it adds even 10 minutes to his commute, which works out to 80 hours of time lost a year, he would rather have the time than the 10 grand. After all that 80 hours is worth $52K if he bills them instead of drives them.
http://online.wsj.com/article/SB124329282377252471.html
maryland tried this once before. They did not even come close to the revenue they expected. It is not just the state taxes. Add in MoCo and the taxes never stop. Not all these people are commuting every day. Top lawyers at these firms are traveling a great deal or doing lots of work at home so your analysis does not apply as well as you think.
We already debunked the WSJ article months and months ago. You can google it.
Anonymous
07/11/2012 09:36
Subject: Re:Maryland Losing More High Income Residents Due to Tax Rates
The problem with socialism is that eventually you run out of other people's money or the people paying leave.
Anonymous
07/11/2012 09:34
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Be honest. It isn't just the wealthy who don't want to pay taxes. No one wants to pay taxes themselves, but they are more than happy to pass that expense onto the "wealthy."
Anonymous
07/11/2012 08:49
Subject: Maryland Losing More High Income Residents Due to Tax Rates
i indicated earlier that i find this "study" to be bullshit.
at the same time, the taxing in maryland (and im not super rich) is getting out of hand.
what i always fear is that we get so tax happy that increases will eventually start impacting "average" income people. plus living in montgomery county, im already a target of getting hit with fees and taxes so the county can make up for whatever the state has passed down to the counties.
when you add all that up, it starts to get out of hand.
at the same time, the taxing in maryland (and im not super rich) is getting out of hand.
what i always fear is that we get so tax happy that increases will eventually start impacting "average" income people. plus living in montgomery county, im already a target of getting hit with fees and taxes so the county can make up for whatever the state has passed down to the counties.
when you add all that up, it starts to get out of hand.
Anonymous
07/11/2012 07:24
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:Anonymous wrote:WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
OK, Let's do the math. Since they claimed most of those fleeing (ha) went to VA, we can start there:
Income VA Tax MD Tax
$1 million 57K 55K
$2 million 115K 125K
$3 million 172K 187K
Lets take that guy making $2 million a year. He's a lawyer and his billable rate is $650/hr.
He's not going to pull his kids out of school and commute across the beltway to his $2 million / yr job in order to save $10K in taxes. In fact, if it adds even 10 minutes to his commute, which works out to 80 hours of time lost a year, he would rather have the time than the 10 grand. After all that 80 hours is worth $52K if he bills them instead of drives them.
http://online.wsj.com/article/SB124329282377252471.html
maryland tried this once before. They did not even come close to the revenue they expected. It is not just the state taxes. Add in MoCo and the taxes never stop. Not all these people are commuting every day. Top lawyers at these firms are traveling a great deal or doing lots of work at home so your analysis does not apply as well as you think.
Anonymous
07/10/2012 22:47
Subject: Maryland Losing More High Income Residents Due to Tax Rates
Anonymous wrote:WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
OK, Let's do the math. Since they claimed most of those fleeing (ha) went to VA, we can start there:
Income VA Tax MD Tax
$1 million 57K 55K
$2 million 115K 125K
$3 million 172K 187K
Lets take that guy making $2 million a year. He's a lawyer and his billable rate is $650/hr.
He's not going to pull his kids out of school and commute across the beltway to his $2 million / yr job in order to save $10K in taxes. In fact, if it adds even 10 minutes to his commute, which works out to 80 hours of time lost a year, he would rather have the time than the 10 grand. After all that 80 hours is worth $52K if he bills them instead of drives them.
Anonymous
07/10/2012 20:41
Subject: Maryland Losing More High Income Residents Due to Tax Rates
WEALTHY PEOPLE DO NOT LIKE PAYING TAXES
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.
Wealthy people usually have two homes. Florida is nice in the Winter. Claim Florida residence and save a fortune.
I know of people that pay a friend to spend a preset amount of money each month (on a credit card) just in case they need prove they were in the state often enough to claim primary residence. If you don't think that this and a whole bunch of other shenanigans are going on then you're a fool. Maryland's tax structure is turning this practice into an Olympic event and is costing the state dearly.
And for those that didn't know, Maryland's income tax rate is 6.25% on $1 Million and over. Do the math.