RCNEBC UPDATE
Hold on to your wallet. Maryland's tax ranking under Martin O'Malley has plummeted from 24th to 45th in nation, according to a new report
from the Tax Foundation.
To view the report, visit: http://www.taxfoundation.org/files/bp58.pdf .
Maryland's disastrous tax policies are analyzed on page 5. Here are some highlight from the report:
-- Maryland ranks 45th overall, a drastic drop from its 24th rank last year.
-- Maryland lawmakers achieved this remarkable feat by raising most of the state's major taxes for FY 2009.
-- They raised the corporate income tax rate to 8.25% from 7%, the sales tax rate to 6% from 5%, and the cigarette excise tax to $2.00 from $1.00 per pack.
-- They also created four new income tax brackets, raising taxes on filers earning more than $150,000 per year.
-- Maryland's top personal income tax rate is now 6.25% (up from 4.75%); that's on top of a weighted average local option rate of 2.98%.
-- Maryland now has by far the worst personal income tax in the country, with a significantly lower score than second-place California.
-- All of Maryland's surrounding states - Pennsylvania, Delaware, Virginia, West Virginia - are ranked higher than Maryland, meaning residents and businesses will continue their exodus out of Maryland to states that appreciate families, taxpayers, and small businesses.
By passing the largest tax increase in Maryland history on the verge of an economic downturn, O'Malley is essentially serving Jimmy Carter's 2nd term. Adding to the pressures we face, BGE customers are still paying the 72% electricity rate hike that O'Malley said he would to stop. As usual, O'Malley is pointing fingers and blaming George Bush for his own failures. Is that your definition of leadership? I didn't think so.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
9 comments:
"I want to be an ally of Governor O'Malley in Washington"
Frank Kratovil
Easton Star Democrat
June 5, 2007
Now that is another scary thought!
For Wicomico County to even consider paying $13,000 per acre, with "state money," for that land on Levin Dashiell Road simply confirms this situation and explains why Maryland is so screwed up.
If people are stupid enough to continue to elect these jerks, I guess they deserve what they get.
O'Malley's Maryland will be Obama design in miniature if he becomes our next president.Obama like O'Malley are great believers in trickle up economics.Remember one thing you enlightened democrat voters the next time you might need a job ask a low or middle income american.
O'Malley's approval ratings were lower then Bush's in the Great Liberal State of Maryland.
Anon 9:41, you're absolutely right! Look how well that philosophy is working today! Washington Mutual, Fanniemae, Freddiemac and practically the entire banking industry is asking the "Middle and Low Income Americans" for a dime because they are down on their luck! So to use your analogy, the "Middle and Lower income Americans" are NOW providing the jobs for the "Higher Class"! Think about it! Those are plain facts all over the world today! So when your stock prices start rising in the coming months, don't thank your "High Income Geniuses", thank the Middle and Low Income class people for bailing you out!
Boston Tea Party time
On local, state, and national level
Will never happen though
Nalagirl
Most politicians are like a dirty diaper, stink and full of crap.
Richard as with most people with left leaning beliefs the facts are never relevant.The top 10% of income producing taxpayers pay 70% of the federal income tax. Your so called low and middle income taxpayers which account for 50% in number only pay in 3% of the federal income tax.How in gods name is much of anything going to trickle up from these people?
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