Want proof of the toll that tax increases take on a state's business and residential landscape? Look at Maryland. Between '07 and '10, nearly 40,000 Marylanders chose to flee tax hikes to Virginia; shifting millions of dollars south of the Beltway.
The Free State is costing its businesses more and more these days. A recent article from Reason.com shows how Maryland's tax hikes (continuing from 2007 until today) have cost the state $390 Million in personal taxes ALONE.
That's not to mention the droves of Maryland based businesses that are slogging across the Potomac to the Old Dominion in hopes of a smaller impact on their gains. The tax hikes that Governor Martin O'Malley has signed into law have driven away giants such as Volkswagen North America, Northrop Grumman, and Hilton Worldwide.
Who can blame them? Virginia's corporate tax rate is a full 2.25% lower than Maryland's. When that is money leaving the pockets of workers and businesses, the choice becomes clear.
Incessant tax increases on the middle classes and businesses in Maryland? Or a free, incentivized, and competitive business climate in Virginia? It is not hard to see which strategy is working.
Let's keep Virginia THE place to bring business.
Take a look at the full article HERE
VA GOP Caucus