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Maryland taxes send wealthy away
Do the math. The tax rate on the wealthiest Marylanders keeps rising, and the left really believes that this will not trigger continued movement to tax-free states. Here is a little math exercise: Consider a wealthy Marylander worth $10 million who retires with $500,000 of income a year (assuming a 5 percent return). If she chooses to stay a Maryland resident, she owes upward of $50,000 a year in state taxes. Now, she likely has a place in Florida where she lives three-to-four months a year to avoid this wonderful weather.
January 29, 2013