Maryland is one of the leading states experiencing a loss of high-earning residents who are choosing to migrate to states with lower income taxes and a cheaper cost of living. Maryland had the sixth-largest net outflows of high-earning households, trailing California, New York, Illinois, Massachusetts, New Jersey and Virginia, according to a new report from SmartAsset. Experts say that while state tax rates have always contributed to this kind of migration, the growth in remote work has made moving to a low-tax state more feasible.
What does this mean? As the migration out of Maryland to more business-friendly states continues, our state is at risk of a diminished labor force, smaller tax base and potentially fewer future job opportunities.
