Maryland SB 1004 - “Millionaire’s Tax” of 2008 Evidence

Institute on Taxation and Economic Policy. May 29, 2009.

Where Have All of Maryland's Millionaires Gone? finds that Maryland's 2007 and 2008 tax hikes on the rich did not cause millionaires to flee. Although tax returns filed by millionaires declined in the year after the legislation passed, the culprit wasn’t rising taxes, it was the economic downturn.