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Saturday, December 15, 2012

Md. Revenue Grows Thanks To Income Tax Hike

ANNAPOLIS -- Maryland revenues are increasing more than expected -- with a surplus instead of a budget gap predicted for next fiscal year -- largely due to retroactive income tax increases on residents earning more than $100,000.

While many state leaders were celebrating the increase of nearly $161 million for this fiscal year and next, Comptroller Peter Franchot warned that there is still a long road before the economy has fully recovered.
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8 comments:

  1. AnonymousDecember 16, 2012 at 5:39 AM

    So now, Franchot and O'Malley can predict the future economy! We're so lucky we have them!

    ReplyDelete
  2. AnonymousDecember 16, 2012 at 7:59 AM

    Don't you worry about the 161 purported revenue surplus.

    What the taxpayers are not aware of is O'Malley is proposing to raid the general fund with 1.8 Billion - that is right 1.8 Billion - dollars to try and prop-up the Maryland Pension system. You see the corridor method for funding the pension fund has failed. The pension fund was projected to return about 7.75% each year - last year it just about broke even with a dismal .38% return. This has been going on now for a number of years.

    ReplyDelete
  3. AnonymousDecember 16, 2012 at 9:39 AM

    Responding to 7:59

    Yep, the Maryland taxpayers are being set-up to fund the bailout of the public employees, schoolteachers pension fund. The handwriting has been on the wall for several years.

    This year it will happen.

    ReplyDelete
  4. AnonymousDecember 16, 2012 at 11:09 AM

    Praising the Government for a fiscal surplus is akin to praising a mugger for investing his "earnings" wisely.

    ReplyDelete
  5. AnonymousDecember 16, 2012 at 11:58 AM

    That's odd! Alcohol tax revenue went down.

    ReplyDelete
  6. AnonymousDecember 16, 2012 at 12:50 PM

    I wonder WHO is making the "estimate"... How does the "actual" compare?? Smoke & mirrors.!

    ReplyDelete
  7. DaddioDecember 16, 2012 at 4:27 PM

    Retroactive increases caught many off-guard.

    How many of them will move out of the state to avoid the confiscatory tax rates in the coming years? That should make for interesting comparison of actual revenues VS those estimates.

    ReplyDelete
  8. AnonymousDecember 16, 2012 at 5:59 PM

    In 2008, predictions were made that this was a mere "Hiccup" and we would be back on track in a year. In a year, the "President" declared the recession was over! In 2009! HA! Really?

    I think everyone knows now what to believe from our Government and the MSM, who are the same club.

    ReplyDelete

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