Why Maryland Is Losing Millionaires

Millionaires are fleeing Maryland in droves. Here's why so many of them are moving to Florida, Texas, and Tennessee.
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Host: / nickfreitasva

[@blowinshtup6553]

rich people don’t stay rich by being stupid

[@RodMartinJr]

The fundamental principle which Leftists never seem to learn is that you tend to get more of what you reward (or feed). If you feed incompetence and failure, you get more of these. If you reward more excellence and competence, you get more of these. And if you penalize what you do want, you're merely shooting yourself in the foot. Affirmative Action and Minimum Wage are perfect examples of these pesky insanities. 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@mr.unknown11ભરવાડ11]

India is the next china because of cheap labour and unemployed educated youths. I hope that the USA will handle the exodus of massive companies the same as it happened in 90s alongside lvelliing off the quality of life for its people. Capitalism is pressing the nerve of the system and civilians are grinded in between. Governments will change but what about these giant corporations which are suppressing freedom of choice and speech through funding political parties in power. Don't you think that we as humans are social creatures and these things are affecting directly our birth rates. What will we get from all these dopamine rush through chitchat regarding politicians, politics, taxes and inflation. Just losing our genetic advantages or diversities. I feel highly bad for the system which runs based on bookish knowledge instead of running through ethics or morals... May God Bless The USA Before China Is Blessed By God.

[@202AMERICA]

But LIBERAL politicians are TOO IGNORANT to figure that out & CLEARLY never took a PHYSICS 101 Course! "For Every Action --- There is an Equal & OPPOSITE Reaction" ----- PHUKING IDIOT CLOWNS, All of Them

[@bamaraiderable]

The UK is also seeing millionaires flee their kingdom. Ironic.

[@remocres]

remember when france heavly taxed millionairs even leftis actors left

[@bgardiner24]

I grew up in and still live in Maryland. It's not the high income taxes that crush everyone but "fees", regulations and other taxes. Try to sell your home? Pay 3% in taxes off the top. Try to open a business or any project. Plan on being buried in red tape and fees. The only thing keeping Maryland afloat is the massive federal government agencies and their contractor cronies. I heard once that power is the ultimate drug- it is not- taxes are. Our government cannot get enough.

[@LordReginaldMeowmont]

We've had so many quiet millionaires move to my city in FL over the years. It's crazy.

[@Kaodusanya]

and soon the entire country will be bailing out their underwater beachfront properties.

[@truthseeker9454]

1:32 - “As a result, Maryland faced an explosive budget shortfall of $2 billion.” California - LOL, hold my beer.

[@kennethadler7380]

More like the amateur meme

[@dave_mate4244]

I mean Maryland only had only a fraction of population of California. So if you can't the overall debt to population then yes it is pretty substantial

[@truthseeker9454]

@@dave_mate4244 Oh, I'm not denying that -- any budget deficit is substantial when government is supposed to spend only the amount taxpayers approve. But California under Gavin "Grabbin" Newsom went from a $20 billion surplus to a $50 billion deficit. That should be considered criminal and prosecuted.

[@truthseeker9454]

@@dave_mate4244 Oh, I'm not denying that -- any budget deficit is substantial when government is supposed to spend only the amount taxpayers approve. But California under Gavin "Grabbin" Newsom went from a $20 billion surplus to a $50 billion deficit. That should be considered criminal and prosecuted.

[@marinablueGS]

It's just common sense.....when you punish success, you can expect that success to go elsewhere. Common sense is not so common anymore and hasn't been for many years.

[@RodMartinJr]

True! And quite often, people these days call something "common sense" which isn't! 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@jonwoodworker]

Central Maryland voters in Baltimore County, Howard County, Prince Georges County, and Montgomery County are the reason people are leaving Maryland. Voting Wes Moore and the Crook Alsobrooks was the final nail in the coffin for Maryland. Born in raised in MD, but planning to exit soon.

[@vandertuber]

If politicians want greater revenue, they should *lower* taxes and *reduce* regulations and bureaucracy. Then, the economy will grow and the tax base will expand tremendously. Also we would get job growth, and employment opportunity provides the best welfare.

[@RodMartinJr]

Yes, but personal income taxes are unconstitutional. And property taxes go against every principle held by the Founding Fathers. You don't own your home if you have to pay the government in order to keep it; that's "rent!" State governments (like the federal) should STOP trying to use their abusive power to get greater revenue; instead the should cut costs. They should stop trying to do "everything." If a "thing" needs to be done, explore private non-profits or corporations as the source of such initiatives. Let people *_crowdfund_* the things they WANT. Everything run through the Grist Mill of Government Incompetence becomes corrupted. If we keep governments Constitutional and lean, then everyone prospers. Prior to the Central Bank of 1913, and the accompanying IRS and personal income tax, the federal government earned 90% of its operating funds from tariffs. And even then, in the late 1800s the federal government was already so bloated with bureaucracy that they needed to implement civil service *_protections_* (Pendleton Civil Service Reform Act of 1883) to make sure the Deep State would not be disrupted. And the Deep State has roots which go back to the 1790s! This is part of the reason President Adams felt compelled to sign the Alien and Sedition Acts -- invasion and insurrection were rampant, especially by the French Leftists -- the Jacobins. 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@terrygregory3456]

@@vandertuber Cultural Marxists aren't interested in any of that! They want to Lord it over everyone else! When they tell you they want to make everyone equal, they mean equally poor!

[@JamesEStout]

Yes, it's called trickle down economics. Something the left can't seem to grasp.

[@warrenmccormick8923]

It's crazy how people still don't understand that supply/demand economics works on so many levels as long as free travel is allowed (of course it should be). And it is so obvious in more Blue states that they don't know what they are doing. Too many socialist style politics and ideas that just don't work, and never do. Baltimore could be great again if they just reduce their taxes, give breaks to developers for raising blocks of abandoned homes and you would see an influx of people as long as the State also reduced it's taxes or even did the same as TX, FL, TN and a host of other states that don't charge state taxes but rather revenue from property taxes, sales tax and trade.

[@JudgeRightly]

@vandertuber They're too short-sighted to comprehend that.

[@saxon6]

Isaiah Leggett the Montgomery County Executive pleaded with Martin O'Malley not to enact this tax. He knew his millionaires would move 10 miles into Loudoun County Virginia. They did.

[@JH-ex6mb]

And now, Loudoun county is the richest county in the country.

[@staceygantt1119]

Those billionaires are definitely moving to Texas, and for good reason. I lived in Maryland for 15 years before moving to Texas for a career opportunity, and I’ll never relocate to a state that imposes a state income tax. As a retired veteran, I’ve found that Texas offers unparalleled respect and support for veterans, including exceptional VA services. Additionally, Texas provides property tax reductions equivalent to a veteran's disability rating percentage. There’s no chance I’d ever move back to Maryland.

[@NataliaSeesIt]

Same with Minnesota.

[@kennethadler7380]

All blue states

[@meekmeads]

Replaced by Islamic Somalis 😂😂😂😂

[@joanl.7543]

So people don't just sit passively by and pay up when required? Who'd have thunk?

[@RodMartinJr]

Which is exactly why the Globalist-Leftists want a godless, One-World government -- so there is no escape. Clever, but evil. 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@howardcitizen2471]

Although the highest STATE income tax rate is 6,25%, most counties impose a piggyback tax of 3.2%, so the highest marginal rate is actually 9.45%,

[@ElliottNest41]

This happens repeatedly, state after state, yet the politicians just can’t stop themselves from this knee-jerk move.

[@whyareyousoangry7322]

This is why we love you! Thank You.

[@Johnathan_The_Terrible]

In the words of John Marshall, "The power to tax is the power to destroy."

[@janetlynn3397]

Poor people can't give anyone a job

[@Sniperkitten971]

They can give people votes though, and that's all you care about when you're a corrupt politic who's using the State for his own gains.

[@RodMartinJr]

*_Bingo!_* It's a bit like the instructions given on an airplane. If the oxygen mask drops down from a decrease in cabin pressure, put your own mask on before you help your child. It's not necessarily selfishness. It can be, but looking out for yourself *_can also be an act of Responsibility._* This is something Leftists cannot seem to grasp. They are worried control freaks, and their attention is fixed on resentment instead of gratitude. 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@Anoldphotographer]

Now Nick, all you have to do is convince the nearly 50 percent of Americans who vote Democratic in this country of this. Oh God, I crack myself up sometimes!

[@nunyabidness3075]

There’s nothing unpredictable about this. People, just like I did, will simply not earn money if the tax rate gets too high. The Laffer curve is real.

[@Devonflood8232]

Australia does exactly this

[@garymcaleer6112]

A crucial wakeup call on the subject. Governments are like unions: whatever gains are made, when financial shortfalls come, the union will drive the company out of business rather than give up any gains. It's an "evil spirit" really. I've seen it played out in my own life. Two best jobs I ever had were union jobs. And when the companies ran into hard times, the union wouldn't budge. And thus, the company went bankrupt & everyone got laid off. Now that robotics are taking even more jobs, under the guise of a better product, why are automakers making less reliable cars? The universal answer to all of our troubles are found in the words of Paul the Apostle: "The love of money is the root of all evil."

[@MM22966]

Wait, wait, don't tell me...Could it be high crime, high taxes, and a creeping government overreach into people's private lives?

[@javabean215]

Guess MD never heard of the Laffer Curve.

[@christaverduren690]

But those millionaires moving to places like North Carolina are making the property taxes go up on regular folks. Nothing has changed about their land but they have to pay more because the millionaires just bought 10 acres of mountainside and suddenly the land is more valuable. Nice if you're wanting to sell, thing is, most folks in the mountains don't ever plan to sell and now they have to pay more for what's already theirs. Making them poorer. How can we "fix" this problem??

[@c.galindo9639]

Invest into something that will keep them afloat as well as enact greater legislation to help better their livelihoods to prevent further escalation of impoverishment becoming a reality for them

[@1wun1]

I'd like to see how this can be solved.

[@lanierosenberg]

We relocated from Maryland to Florida in 2011, not just because of the taxes, but also because of the politics. We lived in Howard County in a gerrymandered district that was constructed in a totally convoluted way to include areas of Baltimore City, effectively disenfranchising us.

[@michaelheeter7284]

If only these politicians had any common sense!

[@JudgeRightly]

If they did, they wouldn't be politicians.

[@jessimms3316]

2:43 Suddenly the words of Apostle Paul hits the nail on the head (2 Corinthians 4:18).

[@vandertuber]

nice quote!

[@RodMartinJr]

Amen! Wisdom can be found all over the place which reflects back to the Bible. If you can see the SPIRIT behind the INK, then virtually everything of True Value is explained within its pages. 😎♥✝🇺🇸💯 "And this is eternal life, that they know you, the only true God, and Jesus Christ whom you have sent" (John 17:3, ESV).

[@bearants]

its not incompetence. its intentional sabotage. look at the people behind it.

[@rneidermyer5266]

That would be to easy. Foster success. Who would have thunk it. That is the problem with government. They do not think on how to improve the tax base. They just think on how to take money from the tax base.

[@vandertuber]

Or perhaps the leftist politicians just *DON'T* think. They just grab at whatever they can, to waste more and more money on their failed utopian socialist polices.

[@craigwilliamsSeekTheLord]

Brother, you got it right: don’t punish success, foster it!

[@terrygregory3456]

Greedy politicians will never learn!

[@howardcitizen2471]

Maryland legislators forget that most Marylanders live within 40 miles of the state line.

[@bpuryea]

It's almost like people respond to incentives, be they negative or positive!

[@miketackabery7521]

This has been shown in other COUNTRIES too,eg: Sweden and Britain. Both got beaten up by this policy decades ago.

[@JamesEStout]

England learned this lesson in the 1970's the hard way. There is a threshold on taxes where once it gets too high, revenue actually decreases. It's a simple economic principle. Those who don't know their history are doomed to repeat it.

[@GeorgeSemel]

Yep, it's simply self-interest.

[@rhysarthur7305]

This is spot on. I closed my 17 year old small business this year because it was not worth it anymore. I kept making less & less while still having the risk. So, I closed and retired. The next step is to move away. Maryland is NOT the same place I grew up in. The radical left with their Blue Print for Equity & Education is bankrupting this state.

[@UndertakerU2ber]

After the Boston Tea Party, the Brits wanted to send a message to the rest of the colonists and recoup the losses from destroyed tea shipments by hiking the tea tax. This actually caused sales of tea to plummet, as Colonial America switched to using coffee beans from Florida (which was controlled by the Spanish) to get their caffeine fix.

[@davidmaman3925]

In Maryland there is a State tax and ALSO a county tax. In most cases it is 3.2 or close to it. The income tax in Maryland when the two are combined is 9.45%

[@89playstation65]

I guess New York isn't the only state losing rich people.

[@Kaodusanya]

the articles you linked were from 2010 and 2009 though.

[@n1ghtdragon]

illinois moment

[@over07ful]

Keep voting dem maryland!!!!!!

[@JamaicaZ160R1793010A]

Hence this resentment against the rich really will just destroy everyone in the end.

[@MsLoveandjustice]

As nice as it is to pretend otherwise- you don’t get to share in a rich person’s success, and their wealth is not your piggy bank.

[@mustang607]

A lot of people do not like being punished more, for being more productive.

[@OpieTaylor1972]

This reminds me of a book I read. Maybe you've heard of it? I think it's called Atlas Shrugged. 😂

[@user-vm5ud4xw6n]

Stupid is as stupid does! My grand daughter and her SO are living with his parents. They just had a baby earlier in 2024. They have a small business together but they can’t afford a place of their own. They are in Elkridge!

[@mustang607]

In order to keep these individual from leaving, one country had built a Berlin wall.

[@h9hkk6155]

Some not only left Maryland/Comifornia and Neu Youk, some left US of A - altogether 😂

[@terrylandess6072]

It's no fun living at ground zero.

[@screen50]

Rich people like making their money in areas conducive to doing so that have a highly educated high income population and good public infrastructure and then relocating to low tax areas to hold on to their money once they make it big

[@davemalone8784]

Living in Maryland,I can accurately say the politicians who govern the state, mostly in the counties that surround D.C., see nothing wrong.

[@84Actionjack]

Basic economics: 'There's no such thing as a free lunch'.

[@honkeytonklin2198]

Less taxes = more income... every time

[@mother2midwife]

I've lived in MD. So grateful to have left. I call it the "Socialist Republic of Maryland." We paid city, county, state, and federal taxes. My husband had co-workers who lived outside of MD and commuted (over an hour each way) into MD to work.

[@eamonnmckeown6770]

I think they still keep their homes here and do spend some time here but leave after so many days to not trigger residency. They still like being among their tribe.

[@claudetowery6227]

Isn’t the “millionaire” term based on assets, not annual income?

[@jonmoore7831]

Holy shades of Adam Smith batman, who could of predicted this!?!

[@bele2.041]

Did you hear about the Golden Goose?

[@Alarcahu]

This assumes the rich have somewhere to go. While at a state level this is trivial, at a national level it’s more complicated. Indexed taxation at the federal level may have other consequences, but the wealthy are less likely to leave.

[@robertshank8412]

Another "unseen" is that a lot of politicians are elected based on their popularity and not necessarily their intelligence. The result is that a lot of politicians who envy the rich use their office to teach the rich a lesson. It never works. Middle income taxpayers are always the ones who suffer and politicians will never admit that bad policy is the problem.

[@kelliya9818]

"Oh yeah California, watch this!", says MD. Interior migration

[@carminesilverado]

create a bigger pie and everyone's portion grows

[@overtonpendulum2071]

Demographics is also what's driving this. The higher the diversity, the more people will vote for higher taxes. It's inevitable.

[@HiTechFX]

What do all of these states have in common? You guessed it...

[@rwesenberg]

I don't think it's about revenue, but political power. Drive out those who oppose you by taxing them out. That strenthens your base. Stay in office. Same thing with gun laws. Punish your enemies, award your base. Stay in office. Budget? Create a deficit, blame your opposition, send money to your friends, and strengthen your base. Voted out? Spend every dime, let the deficit increase endlessly, and then let your opponents deal with it. When they do, get voted in and ...

[@KenArthur-j6b]

Because Hogans budget surplus is long gone

[@frostyjim2633]

It's killing the goose who lays golden eggs. You can learn everything from nursery stories

[@meekmeads]

Haitians: And we took that personally 😂😂😂😂

[@Raptor302]

The rich have the most mobility, so this makes sense. Poor and middle class can't afford to leave even if they want to.

[@c.galindo9639]

Ah yes. Free People living in their Prosperity will go look elsewhere when the livelihood of their Life, Liberty, and Pursuit of Happiness, is threatened by overreaching greedy government

[@Basillio11]

This guy is in government but he’s not an economist. It doesn’t take a rocket scientist to know rich people avoid taxes by moving to states with better tax incentives. The “golden age” of the us had a tax rate of up to 91% for the wealthy. 🤔

[@jw893]

Maryland is getting ready to do this again in 2025.

[@stevenscott2136]

If you drive out the successful, then you become the king of your own little third-world fiefdom. It may be a small pond, but you're the biggest fish in it. Maybe that's enough for these people.

[@martinricardo4503]

Less money for gubmnt is always a good thing.

[@SethDaughters]

I have a why minutes idea. Why are we FORCED to pay car insurance paying into someone else's investment portfolio? Why couldn't those investment dollars go into an account under our own name and be transferable to different brokers if we don't like ours. Also if you surrender your driving privilege, you could cash out, or when you reach the specific dollar amount required for coverage, you could stop paying into it.

[@docsavage8640]

@SethDaughters that doesn't even make sense. You're not investing in auto insurance. You're entering onto a contract.

[@jgesselberty]

People are tired of paying high taxes and ultimately supporting the cities, like Baltimore, who suck up the funds, but whose residents pay only a fraction of the taxes needed to run the city.

[@steveharvey6421]

Residents who are not willing or able to live without gt subsidies.

[@Jojo.255]

Lookup Baltimore city taxes.

[@h9hkk6155]

Even I know one of the millionaires that left Maryland 😅😂

[@zionbrin1]

The more i have awakened over the years the more im disgueted w our tax system and govt fiscally. Taxes ahsluld be noth8ngnmore than a bill to pay for goods and serviced remderd to the public. Police, fire, roads, etc. These are all service provided to the entire public such tha i too have use of them. (Even if needs dont akways arise, to have police requires them to be on standby, andnor course thenoatrol and orevent stuff etc.) 9thwerwise there sh9uls be a direct benefit back to the individual tax payer based on what they contributed. Im dont love that the govt provides unemplyment insurance, i think an open markert anc the individuals can do that themselves. But im sick of taxes that redistribute money from producers to looters bc some nutter has decided altruism and chairity is a moral imperative that the govt should enforce. I have no such duty, and it is up to me to devide if and how i fullfil such a responsibilty in my comunity. Bc left up to me my charity goes to family, church, and my direct community not namesless faceless locusts (looters, takers, etc) determined by some bureaucrt to be worthy usi g values i also do not agree with or have a say in. They have taken advantage of people's kind (christian) nature to guilt us into socialism. I dont even wana pay for school. Let it go freemarket. But i am also angry that while i have no children i have to pay several thousand a year for a service i will never receive or benefit from. If one draws a line on the simple principles i gave above it is very clear to see where the govt is screwing us as well as being socialist, which has destroyed competiton, bread corruption, stagnation, and slow failure as all socialist systems do.

[@ctreid87]

Beard day!

[@lucasworktv]

The rich are the key of success in any country. Kicking out successful, smart, ambitious and creative people can’t have any good results

[@MossMini]

Please send to AOC.

[@winnon992]

With Congress Men like Ratskins what do you expect ? A lot of dumb people voted someone like that in office !

[@nyet_maker7948]

Not so merry now are we?

[@mattfoltz7752]

MD is trying real hard to be East Commiefornia. I grew up in MD. I got the hell out 20 yrs ago. I'm not a millionaire.

[@fredericklockard3854]

If you’re a liberal don’t move to good clean conservative states…….stay where you are and live with the progressive policies you voted for.

[@hassanmeraj8037]

Because of crime

[@Penfold-8521]

The labour party in the UK is doing exactly the same, and rich people are leaving the country taking their businesses with them. Labour have always been a tax, borrow and spend party with the attitude of "let the next party worry about national debt".

[@andrewsmith2326]

Another great reason we are a republic. When one state becomes tyrannical move to a better place.

[@humbertoazzalin9042]

Very stupid thing to do.

[@mchume65]

Obviously, a Dem policy. They rarely consider the unintended consequences of their ideas.

[@DavidBenner-cy4zl]

Virginia is windy because Maryland sucks.

[@miceinoz1181]

If the money was not pissed up the wall by useless beaurecrats and their political masters, then maybe the wealthy could see the benefit of higher local taxation. If you want more money, then demostrate to the taxpayer that you are spending what you already have wisely, and go and sell that.

[@hamletthaus3046]

Bolsheviks never learn.

[@cataphracts123]

++

[@tonyjohnson2957]

Greed says it all!!!@

[@NotMyWar]

Insanely stupid that you have to say this.

[@ravensthatflywiththenightm7319]

16 December 2024 Subscribed.

[@bobbyb.6644]

Lure more Lobbyists ? What does Jamie Raskin think about it ? Let us guess - Trump Did It ? 😏

[@mikehlee69]

Clearly Maryland needs to increase taxes further.