Maryland's Estate Tax Causes Millionaire Exodus

The Baltimore Sun reports:

The millionaires are fleeing Maryland, all right. But not because of the measly tax surcharge on income over $1 million.

They're bugging out because of Maryland's estate tax, which applies to a bigger portion of a dead person's hoard than the federal estate tax or those in other states.

Strange to tell, rich refugees didn't want to speak with me. But their lawyers did. They suggest the high inheritance tax costs the state a lot more than it brings in because absconding aristocrats don't pay any Maryland tax, let alone the one when they die.

"For years and years, I have had clients who complained about Maryland taxes and never took any action," says Lowell G. Herman.

Taxes have consequences.