Posted on 01/17/2023 7:43:30 PM PST by 11th_VA
A bill heralded by progressive lawmakers would allow Montgomery County and other jurisdictions in Maryland to raise income taxes on high-earning residents by a half-percentage point to provide tax relief for low- and moderate-income families.
The bill would increase the maximum allowable income tax rate from 3.2% to 3.7%.
“It’s simply unfair that the wealthy few have a smaller tax burden,” Del. Julie Palakovich Carr (D-Dist. 17) told members of the news media last week...
If passed, the bill would raise the cap on what county governments can tax residents in the highest income bracket. The statutory limit on income tax rates is currently 3.2% in Maryland, and half of all local counties are at the cap.
Two key provisions in the bill aim to provide safeguards to ensure low-income households would benefit from the policy in a tangible way.
First, the bill limits tax increases to the wealthiest taxpayers in the state—residents earning $500,000 a year individually or $600,000 with a spouse.
Second, according to the bill, the tax cap can be increased only if the county simultaneously and concurrently cuts taxes for the lowest-income tax bracket...
It is only a half percent increase. A halfpenny; anybody can afford half a penny.
That is the way it will be sold.
I wouldn't be surprised if the total amount collected doesn't go down, unless rich people there are dumber than I know.
As I recall these morons did a millionaires tax a few years ago and lost tremendous revenue because the millionaires moved somewhere else.
But sure idiots, try again.
Maryland’s County piggyback tax on the State Income Tax should be enough to drive all productive people from the state.
Ping
If I was a real estate broker in Florida, I would be running ads in Maryland.
some favorable news for Virginia real estate agents
It will be sold as a “ha’penny” because most people are incapable of calculating percentage increases.
Raising the tax rate from 3.2% to 3.7% is actually a 15.6% increase.
(0.5/3.2) x 100
There is no county or city income tax here where I live.
I’d cut it back to 2.5 percent. I’m glad I left the Freak State.
Other conservatives would be wise to leave before the state becomes a riot-filled Commie dump under Wes Moore. JMO.
There are small number of States without Income taxes.
The Gov. will get their money from somewhere...
Sales Tax, Income Tax, Property Tax, Gasoline Tax, etc.
...but they will get it.
“raise income taxes on high-earning residents by a half-percentage point to provide tax relief for low- and moderate-income families.”
Bull. Low and moderate income families won’t see any relief.
Too true.
Having been taxed in the past for gaining income while living in Md., the County piggyback Income Tax there really annoyed me.
As I'm now doing regular IRA to Roth IRA conversions while living in a different State, not having a State Income Tax much less a County Income Tax is a Big DealTM.
Good one.
Another:
Constants include death and taxes. Death stays pretty much the same but taxes go up whenever Congress is in session.
Once again, the classic Taxman by George Harrison (when he was subjected to a 90% income tax on his British earnings):
....Be thankful I don’t take it all
‘Cause I’m the taxman
Yeah, I’m the taxman
I’ll tax the street
If you try to sit I’ll tax your seat
If you get too cold I’ll tax the heat
If you take a walk I’ll tax your feet
‘Cause I’m the taxman
Yeah, I’m the taxman
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the taxman
Yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I’m the taxman
Yeah, I’m the taxman
And you’re working for no one but me.
Most of the rich people near DC are lobbyists.
But no local taxes like that here, so we got an effective raise of 3% then. Took our kids to Florida, paid their colleges and ultimately our mortgage because of that move.
Now retired and thanking God even more. Real property tax reduction and real tax breaks for Seniors.
We escaped Monkey County and watch from here the ever-creeping hand of Socialism there.
That’s correct...state even came to admit two years after the millionaire tax started...that it chased out several hundred folks to nearby states. Some people even came to suggest that neighboring states might have paid some lobbyists to push this agenda....to gain higher-pay residents.
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