Tag: Maryland Nonprofits
Greg Cantori takes over as president of Maryland Nonprofits next Monday at a time when nonprofit organizations and their clients – like many businesses in Maryland small and large – have been battered by the economy.
“Not only did they have to weather this great recession, they have had to take up the slack” from the impact of the economy’s increasing demand for social services, Cantori said in an interview. “It’s been such an incredibly challenging time in the last five years.”Read More
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
Comptroller Peter Franchot told a meeting of nonprofit groups Monday that the government should “take a time out on tax increases” — while the group’s leadership continued to press for more tax hikes.
“If we don’t have fiscal responsibility, we are not going to be able to do what we want socially,” Franchot told more than 100 leaders of Maryland Nonprofits in Annapolis for a legislative preview. “We need to scrub the $32 billion budget.”Read More
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