'State Policies Are Causing Flight of Wealth': Maryland Worries as Estate and Gift Tax Revenue Drop by Over 21%

Estate and gift tax revenue in Maryland drops 21.4% in 2024 from previous year

'State Policies are Causing Flight of Wealth': Maryland Worries as Estate and Gift Tax Revenue Drop by Over 21%

Maryland collected $30.9 billion in taxes in 2024, and $213.4 million of that came from estate and gift taxes, a decrease of 21.4% compared to the previous year. These numbers sparked criticism among Maryland residents, as some believe the state’s taxes may be too high, prompting capital flight to other locations. According to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections, the recent numbers represent a decrease from…