One year after Maryland instituted a special tax on millionaires, the number of millionaires, according to tax records, has dropped from about 3,000 to about 2,000.
The Baltimore Sun: “Taxes collected from those returns as of last month have declined by roughly $100 million.”
The local Chamber of Commerce argues that it’s because the millionaires are moving away to Virginia and Pennsylvania (easier in Maryland than in some other states, since it’s so small). State officials say it’s too early to tell. Uh-huh.