Progressive, nonprofits push for permanent “millionaires’ tax”
Several tax watchdogs and policy analysts concerned about the state of Maryland’s economy and buoyed by a new report urged delegates to revisit a just-expired method of raising more money — extending the tax surcharge on millionaires.
Enacted in 2008, the “millionaires’ tax” taxes all net income above $1 million at a rate of 6.25%. The base tax rate for everything less than $1 million is 5.5%. The surcharge passed in 2008 to replace the sales tax on computer services was to last only three years, expiring at the end of 2010.Read More