In 2021, Maryland lost 27,000 residents who had filed 16,000 tax returns with an average income of $170,000. This was not just an aberration. Data shows the outflow of higher-income taxpayers from Maryland has been going on for years. So when Governor Moore announced that he was backing an increase in the state income tax for people making over $500,000 and an extra 1 percent on capital gains from the sale of stocks and property like real estate, that move ran counter to his stated goal of boosting Maryland’s lagging economic growth.
Fair Opportunity Maryland: A recently launched campaign by the Maryland Chamber of Commerce, Fair Opportunity Maryland advocates for smart tax policies that empower Maryland families and small businesses. We are committed to creating an environment where businesses can grow and families can thrive — free from unnecessary financial burdens.