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]
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]
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]
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]
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]
The state Assessments and Taxation Department hasn’t performed regular physical inspections of individual properties to support property assessments as required by state law for “many years,” legislative auditors found.
The department also did not audit or review business personal property tax returns or homeowner tax credits, according to an audit report released last month. [...more]
January 16, 2014
O'Malley as usual rolled out the new budget with an elaborate PowerPoint presentation to reporters that put a positive spin on the budget numbers. But a different spin can be put on some of the numbers. [...more]
January 9, 2014
Democratic leaders have agreed to reduce Maryland's high estate tax by recoupling it to federal standards for taxing a dead person's assets. The “death tax” is considered one of the reasons that wealthy retirees choose to leave Maryland for states with lower taxes. [...more]
November 20, 2013
State Senate leaders told a business group Wednesday that they expected to see some sort of small business tax relief in the coming legislative session, possibly coupled with an increase in the minimum wage. [...more]
November 13, 2013
Progressive Democrats are using new polling results to continue their push for increasing Maryland's minimum wage to $10 an hour, while they reject attempts to lower corporate taxes. A minimum wage hike and corporate tax cut are being discussed by General Assembly leaders ahead of the 2014 session. [...more]