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, […]

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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.

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Number 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.

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