Montgomery County [MD] Bracing for Long-Term Revenue Decline [wealthy paying less taxes]

http://www.bethesdamagazine.com ^ | Dec 12, 2017 | By Andrew Metcalf

[11th_VA]

No mention of their 'Sanctuary Status,' $15 minimum wage, or generous Section 8 voucher program as part of the problem ...

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[Dilbert San Diego]

I’m confused. The county has a county income tax? Isn’t that unusual around the country, for an income tax at not the state but the local level?

Or do Montgomery residents pay a state income tax and a local income tax as well?

[databoss]

Heard an idiot councilman on radio cite climate change as part of their budget shortfall....

[Abby4116]

In Maryland, part of the state income tax is credited to the county of residence.

[11th_VA]

We pay up to three taxes (not counting property) - State, county, and if you live in incorporated city, you pay that tax too. It’s all computed on the State form.

[Paladin2]

County income tax piggybacks on MD State Income Tax.

[fruser1]

Counties in the state of maryland have their own income tax. I don’t know what other states do that. Next-door virginia does not, but has higher property tax than maryland.

[Dilbert San Diego]

And all of those are on top of the federal income tax we all pay.

There should be some cap on taxes paid. This is not the time or place for discussion of marginal tax rates , but, I suspect many in Montgomery pay over 50% of their income in taxes.

[FreedomPoster]

I’ve been saying for a year or so that one measure of a successful Trump Presidency will be if suburban DC residential property values flatten, or even decline. Reduced income tax revenue is also a good sign.

[fruser1]

“the county’s top 50 taxpayers reported 50 percent less in capital gains in 2016 than in 2015”

When gov soaks the rich, the gov gets soaked when the rich do something different.

Just imagine what would happen if those folks took an extra week off.

[Poundstone]

Hey! My house in the DC area is valued at over 1 million, and going up each year. I see no indication that’s going to change.

[AlaskaErik]

One county with a $5.4 billion budget?! There are more than a few states with a smaller annual budget than that!

[central_va]

It’s a piggy back tax. The amount is calculated as a percentage of your federal. So if you pay less federal then you pay less local county taxes.

[Albion Wilde]

Ping!

[VietVet876]

The County Executive is a brother voted in by the overwhelming majority of highly overpaid moonbat libs. Brothers typically excel in sports played with balls, dancing, and singing. When it comes to fiscal matters, many of them and their fellow sisters fall flat on their faces when the Big Uncle is not forthcoming with the bailout gibs. A big plus for them is the Sanctuary County mentality,

[FreedomPoster]

Oh yeah, I’ll be quite surprised and impressed if it happens.

[rrrod]

Die commie scum...or s sumthin....

[RetiredTexasVet]

There’s always the Progressive fallback...raise taxes some more (note most Progressives do not have a basic understanding of the “Law of Unintended Consequences” or the definition of insanity (doing the same thing over and over and expecting different results).

[VanShuyten]

This will be even more fun if state and local taxes are no longer deductable on the federal form. This will really burn all of us in the DC metro, but especially those holier-than-thou folks in Monkey County. Fewer libs than they believe will be willing to pay their high taxes for questionable programs.