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I'm so happy I left the Democratic People's Republic of Maryland and moved to VA. It's not anything special, but it's incredible compared to the shenanigans being run by MOM over the river.
Just discovered that 2 more of my clients will be filling as FL residents for the 1st time w/ their 2011 return, making the total # of people I know who have fled O'Malley's Taxland in the last 2 years about 6. In fact one of those 2 will likely move his business from Baltimore to Delaware in the next couple of years.
I'll buy a hovel in FLA (going cheap now) and follow your clients if O'Malley continues effing up Maryland. 100K per family is far from rich. That is smack in the center of the middle class.
his wife is a see you next tuesday as well, she is a terrible judge
As bad as this state is, it would be worse if Miller wasn't running the Senate. I am no fan of Miller(outside his support for UMD) but once they get someone who will rubber stamp tax increases watch out.
Curious - what are the tangible differences you see?
Well I hope they live more then the required days down there. I am sure the residents of Maryland would love to have the same tax structure as Florida.........then they can have the same great public schools as they have......oh wait, the state is a total craphole if you are not going to visit the beaches.........
I have a condo in Ft. Lauderdale that in 2006 was worth around 600k, now it was appraised at 250k. Also, thanks to the governor at the time of hurricane wilma I am still waiting on insurance to pay me back my 13k it cost to fix my property plus the assessment. Was great that state farm accepted my payment every 6 months, but got the legislature to pass a bill that let them defer payments to those that did not have a "total loss", now its 6 years later and still not a dime...but state farm did drop all policies days after the hurricane and now the only insurance you can buy is through the state for about 500% the cost.
My saddest day ever as a Terp was watching the zombies pile into Comcast Center to worship Obama. It's not surprising this state chose Ehrlich and O'Malley twice. And no, I'm not even a Republican.
Are we at a rock concert? No. This was Obama coming out finally after 4 hours of us waiting in line in the freezing weather to see the next president of the United States.
Yes. We. Can.
Florida also has a horrendous medical system. The founder of my firm moved there for tax purposes a few years ago. Then he went to his local hospital only to find out the place didn't accept our insurance and they refused to admit him. Florida has private hospitals, you could be bleeding to death and the hospitals have a choice not to accept you.
This post was edited by goterpss 2 years ago
...but not because of a lack of state income tax.
yeah watching my grandfather go in and out of those places for years was sickening.
First off, anyone moving for tax purposes is clearly going to know that you have to spend a required amount of days to call it a primary residence. Second, people making a $1M+ in a year aren't going to give a crap about public schools. They're also not going to care that the rest of the state is a craphole because they're going to live in an awesome house in a desirable part of the state.
The whole point is that these wealthy folks, for whatever reason, seem to be moving out of the state. It could be entirely coincidental with the tax increase, but more likely, there are people who already own second homes deciding that they can better enjoy their resources by moving to another state, depriving Maryland of money that they could have otherwise had. Whether or not you happen to like the state of Florida isn't relevant, and it's apparent that plenty of people do (and I absolutely hate the state of Florida).
That's part of the attraction, the fact that they can buy properties at about 1/2 of what they were several years ago.
I feel real sure that the people I know who are changing residence for tax purposes are actually staying the required 183 days and able to document it. They are able to manage their work from anywhere, and their kids are growed up. I'm just amazed at how many people I run into are actually leaving, or who know folks who have left and are thinking of leaving.
Was having a discussion last night with a guy who has his locker next to mine and he works for a firm that peddles to the US Guvmnt, and he is seriously thinking of taking a FL residence, His co HQ is in Charlottesville and he says he only needs to be there a couple times a year and can easily do his job remotely, so maybe I'll know another MOM victim someday.
what's the offset of the revenue earned however from the higher tax rate?
Assuming Maryland had 10,000 earning $2 million or more in taxable income, by my math, more than 15% would have to move out for this to not be a revenue generator. Certainly there will be an exodus, but at the end of the day if it's revenue positive for the state how could it be a bad idea.
And when I sat at Turgeons table at the Gary dinner recently, there was a guy sitting next to me who boogied on over to VA and I assume was a good size donor.
Nearly 100% of the people i know complain about the tax structure of living in NYC (you think maryland is bad). Everyone of them threatens to move out of the state for tax purposes and then about 98% of them realize that the actual tax savings isn't worth having to eat tomato sauce out of a jar.
I think instead of focusing on the "exodus," they should look at people who might have moved to Maryland that choose not to because of the taxes. There has to be a pretty good number of wealthy people that move to the DC area every year, is there any data on whether they are now picking Virginia in greater numbers than they had been?
I was there in the upper deck. Definitely started a few "Gary!" chants when we had down time.
Detroit Hustles Harder
i forget the name of the market, but its around 80th on 1st......they have unreal sauces and soups!
know what you're talking about, forget the name. I'm a Grace's Market fan (72 and 3)
You get NYC for your money so I can see people staying in the end(cost/benefit). What does MD have to offer anyone?
One of the many stupid things about this, is the "rich" can structure their affairs to avoid the taxes. Maybe this is just a back door strategy to support tax free bond issuance?
Also don't forget he wants to send teacher pensions back to the counties which, tho may be a good idea in the scheme of things, will predictably force more tax increases at that level too.
I've been a resident of Maryland, Virginia and New York city in my time. I thought Maryland was by far a better place to live than VA (tax consequences associated aside).
Which could apply to all the businesses also who won't come to Maryland or leave Maryland. O'Malley has screwed the state for a long long time. So much is unfunded and manipulated....we're lucky the Feds just threw a ton of $$$ at us recently
The oped might as well have spent a few paragraphs going through all of O'Malleys taxes and hidden ones (toll increases, speed cameras, car fees, and whatever else was left from the largest tax hikes in Maryland history)
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