Tag: income tax
Income tax hike unlikely in Maryland – this year, anyway
Some Democratic lawmakers in Maryland are proposing a set of income tax hikes this year, but even bill sponsors have admitted that getting their colleagues on board will likely be a long-haul effort.
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Net Worth Tax: Time For A Change
Can we build a fairer, simpler tax system? One that lowers the tax burden for most Americans and balances the budget? With the Net Worth Tax Proposal (NWTP), these ambitions could become a reality.
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Franchot proposes tougher laws to help curb income tax fraud
Maryland’s comptroller on Tuesday proposed legislation to boost penalties for tax-related crimes and increase the state’s prevention and enforcement efforts. “Tax fraud and identity theft associated with it are a growing concern across the country as personal information becomes more and more available to perpetrators and as schemes become more and more sophisticated,” said Comptroller Peter Franchot.
Read MoreHouse passes final budget and tax hikes, with some Democrats opposed
The action on the budget and tax hikes was all over but the shouting by Republicans as the House of Delegates approved a final spending plan, shifting half of pension costs to the counties, and raising state income taxes on people making over $100,000 per year. Republicans opposed the move, joined by 10 Democrats against the budget change and pension move, and 18 opposed to the tax increases.
Read MoreHouse set to vote on final budget and tax hikes after Senate passage
As one delegate put it, it was déjà vu all over again as the House of Delegates on Tuesday rejected amendments to a revised spending plan and $300 million in tax hikes that had often been proposed in the regular 90-day session. The Senate passed the bills earlier in the day, and the House is set to take a final vote Wednesday.
Read MoreMaryland is too reliant on income taxes, one group says
While the governor has touted Maryland’s comparatively low tax burden on its high income populace, some groups are concerned that the income tax hikes proposed for next week’s special session will harm Maryland’s national rankings on taxes and business climate.
Read MoreSenate offers compromise on taxes, pension shift to lift budget stalemate with House
The stalemate on the $35 billion budget between the House of Delegates and Senate shifted somewhat on Thursday evening, as senators offered a compromise on taxes and the teacher pension shift to the counties. This compromise leaves rates alone for people making less than $100,000, and has steeper increases for people in higher income brackets.
Read MoreSenate votes to increase state income tax as debate gets personal
The Senate approved the state’s entire $35 billion budget package and reforms to maintenance of effort on Thursday as the spending plan cleared its first major hurdle before heading to the House of Delegates for further tweaking.
Read MoreSenate looking for alternative tax hikes to avoid ‘doomsday’ budget, Miller says
Senate leaders are trying to find $500 million in tax hikes as alternatives to those proposed by Gov. Martin O’Malley to avoid a “doomsday” budget with $1 billion in spending cuts, Senate President Mike Miller told reporters Tuesday.
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Video: Three reporters dissect the governor’s aggressive agenda
Joel McCord of WYPR, Len Lazarick of MarylandReporter.com and Bryan Sears of Patch.com discuss the prospects for Gov. Martin O’Malley’s ambitious legislative program — same-sex marriage, gas tax, income tax, flush tax, Internet tax
Read MoreO’Malley proposes tax hikes for 450,000 ‘high income’ households, doubling flush tax
About 450,000 Maryland households that earn more than $100,000 per year will see their state and local income taxes go up next year if the legislature approves Gov. Martin O’Malley’s budget proposal. In order to balance an overall $35.8 billion state budget – a 3% increase over last year – O’Malley is asking to cap tax deductions and phase out exemptions for high earners. O’Malley said the average family of four making $150,000 a year would pay $191 more in state and local income taxes.
Read MoreState revenues $300 million above estimates, but comptroller urges caution
Revenues for the fiscal year that just ended are expected to be $300 million above estimates, but Comptroller Peter Franchot strongly recommended Gov. Martin O’Malley and legislative leaders place the money in the state’s rainy day fund to prepare for more tough economic times ahead.
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