“Americans fled high-tax states like New Jersey in droves last year. According to CNBC, New Jersey was the top “outbound” state for migration in 2020 based on an analysis of moving data by United Van Lines. New York, California, Connecticut and Illinois — similar high-tax jurisdictions — round out the rest of the top five states Americans fled last year.
Interestingly enough, the top states for in-migration in 2020 were Arizona, Florida, Delaware, South Carolina and Wyoming, all of which have lower overall tax burdens than the highest out-migration states.
Maine has serious demographic woes that must be reversed. We need to attract young, talented people to live and work here. An 11.15% top income tax rate and a 12.4% corporate income tax rate will do just the opposite.
Unfortunately, too many elected officials in Maine have never created value for others and don’t know what it’s like to have employees who depend on them. They think a couple that earns more than $200,000 is “wealthy” for owning a small business that employs 10 people, and should be penalized for their marginal success. It doesn’t matter if that same couple earned $400,000 owning that same business before the pandemic – they make too much money based on the arbitrary lines drawn in these various bills and must be punished.
This is the same backward thinking that has dominated Maine for decades and led to the poor economic and demographic condition of our state. The longer we continue down this line of thinking, the worse off our state will be.