Tag: millionaires’ tax
Mizeur backs $16.70 living wage, millionaire’s tax; all the gov candidates say they’re environmentalists; Franchot gives O’Malley his coin
Del. Heather Mizeur, a Takoma Park Democrat running for governor, rolled out a 10-point economic plan Wednesday that includes a minimum “living” wage that would rise to $16.70 an hour by 2022 and restoration of the millionaire’s tax to provide income tax breaks for the middle class. Speaking at Lawyer’s Mall near the State House, […]
Read MoreProgressives rally to fix economic woes by cutting military spending, taxing rich
A hall packed with progressives applauded the prospects of cutting back military spending, reinstating the millionaires’ tax, passing President Obama’s job creation legislation, and transforming Maryland’s health care system into a state-run single-payer operation.
Read MoreMaryland ranks in middle of the pack in economic prosperity, analysts say outlook could be deceiving
Maryland’s economic prosperity and economic outlook are pretty middle-of-the-road when compared with other states, according to a new study, though analysts warn that high incomes of some Maryland residents may be disguising larger economic problems.
Read MoreProgressive, 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 MoreNumber of millionaires goes down again
The number of Marylanders filing million-dollar tax returns went down again in 2009, according to figures from the comptroller’s office.
In calendar year 2009, there were 4,134 returns showing net taxable income of $1 million or more, 798 or 16% fewer than there were in 2008, according to David Roose, director of the Bureau of Revenue Estimates. Roose produced the numbers at the request of MarylandReporter.com.
Read MoreTeacher pension trust fix would use millionaire, corporate taxes
With the budget a huge headache this session, legislators are hoping they can balance it, keep it sustainable and pay for ongoing obligations. Del. Roger Manno is proposing a bill he hopes could help do all three.
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