Tag: income tax

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.

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House 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.

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O’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.

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