Archive | Taxes

Gubernatorial candidates divided on how to adjust or cut state taxes

April 16, 2014

With the Maryland gubernatorial election approaching at the end of the year, the seven major candidates are taking a stance on one of the state’s hot-button issues: taxes. [...more]

Election 2014, News, Taxes Comments (0)

Extra tax break for ‘House of Cards’ folds in final hour

April 8, 2014

Six lawmakers, three from each chamber of the Maryland General Assembly, standing in a ring in the House of Delegates lounge at a half hour before midnight, vehemently haggling over a single bill. They had only 30 minutes before the close of the 2014 session, and they needed to find middle ground on legislation that would grant the popular Netflix drama an additional $3.5 million in tax dollars. [...more]

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Spacey and friends at Annapolis reception to boost film tax break

March 23, 2014

What could guarantee better media coverage than a reception with a major celebrity closed to reporters, who gathered outside the Red Red Wine Bar in Annapolis as actor Kevin Spacey was ushered in the back door? Maryland legislators and friends couldn't resist posting pictures of themselves with "House of Cards" star Spacey on Facebook. [...more]

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Cut in estate tax sent to governor, who will likely sign it

March 20, 2014

In an effort to ensure Maryland’s millionaires don’t flee the state for cheaper pastures, the General Assembly approved Thursday a cut to the state’s estate tax. After spirited debate and a 36-10 vote from the Senate, the bill was sent to Gov. Martin O’Malley, who is likely to sign the bill. [...more]

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Miller ‘reluctantly’ supports estate tax cut he’s sponsoring

March 19, 2014

Though he’s listed as chief sponsor of a bill that would cut Maryland’s estate tax, Senate President Mike Miller said Wednesday he only “reluctantly” supports his legislation, and its House equivalent, which delegates passed last week. But, Miller said, it is important to keep Maryland’s rate competitive to those of other states. [...more]

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House votes to cut taxes on the wealthiest dead

March 9, 2014

The House of Delegates overwhelmingly approved a tax cut in Friday’s session that would benefit Maryland’s millionaires after they die. In a 120-13 vote, the House voted to exempt more assets from the estate tax, which taxes a property of a deceased individual if it’s valued at $1 million. [...more]

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Assembly leaders back cutting estate taxes, but opponents knock break for wealthy

March 5, 2014

General Assembly leaders say they are fearful wealthy Maryland residents are moving out of state because of Maryland’s high estate tax and are promoting legislation that would cut the “death tax” Maryland imposes a tax when property is transferred from the deceased to a living relative, if that property is valued at more than $1 million -- the tax caps at 16% of the entire estate. [...more]

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50% hike in cigarette tax gets hearing

February 26, 2014

Health care advocates are stoking the tax fires again with legislation that would make Maryland’s tobacco taxes some of the highest in the country. The Senate Budget and Taxation Committee heard testimony Wednesday on SB 589, which would increase the tobacco tax rate from $2 for a pack of cigarettes to $3. The bill also calls for steep hike on all other tobacco products -- from 30% to 95% of the wholesale price. [...more]

General Assembly, News, Taxes Comments (3)

Commentary: Minimum wage and Earned Income Credit go hand in hand

February 7, 2014

Maryland’s Earned Income Credit (EIC) and minimum wage work best in combination to reduce poverty and income inequality. Increasing both would put our state on a better path to economic prosperity and opportunity for all. Benjamin Orr of the Maryland Center on Economic Policy responds to Barry Rascovar's column. [...more]

General Assembly, News, Taxes Comments (3)

No new taxes this year, O’Malley says, but Vinny DeMarco seeks one more

January 22, 2014

But along with the usual talk of "tough choices" and "moving forward," Gov. Martin O'Malley's State of the State Address is likely to tout that he balanced his proposed fiscal 2015 budget with "no new taxes or fees." Thank God, most Marylanders would agree, but not Vinny DeMarco, persistent advocate of higher taxes on cigarettes and booze for the sake of public health as president of Maryland Citizens’ Health Initiative. [...more]

Annapolitics Blog, Health, News, Taxes Comments (4)