Compromise spending plan will raise nearly $200 million, but huge budget gap remains
After months of debate about who should pay more taxes in Maryland, state lawmakers are poised to return Monday and pass an income tax increase similar to Gov. Martin O’Malley’s January proposal.
The compromise tax plan, which is nearly identical to the bill that died on the desk on the last day of the General Assembly regular session, would raise $195.6 million in state revenue in fiscal 2013 through income tax hikes and $51.7 million by phasing out personal exemptions. The tax changes would affect single Marylanders making more than $100,000 a year and couples earning more than $150,000.
“For folks in the $150,000 to $200,000 range, it’s going to be in the neighborhood of a buck a week,” said Neil Bergsman, director of the Maryland Budget & Tax Policy Institute. “The amount we’re talking about should be manageable for everyone. It’s not going to affect the lifestyles of any millionaire or half-millionaire in Maryland.”
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5 comments:
Time to clean house.
“The amount we’re talking about should be manageable for everyone"
Problem is that this statement has been made every year since O'Malley took office and he still has a few more years where this will be said again.
It's called nickel and diming people to death. A whole lot of a little adds up! I have said this many times on here. It's what my dad always used to say and I quote " The only thing a Democrat is good for is raising taxes" Go ahead comment on what I said. I love hearing what people have to say!!!
dana is absolutely correct!
All I see is more wasteful spending. They have blown through the money when things were good and now that we are in the red, more taxes will fix the problems (or help). BS...kinda like spending $140M on a new library in a down economy. Somebody needs to learn to live within their means...
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