Two state lawmakers from Frederick County want to lower Maryland’s corporate income tax rate, saying it would make the state more competitive with neighboring Virginia.
The bill would drop the rate on corporate income from 8.25 percent to 6 percent, the same as in Virginia. That would help Maryland compete better for jobs and corporate relocations with its southern neighbor, said Del. Kelly Schulz, R-Frederick County, who sponsored House Bill 261.
“If we lose business to Virginia, it won’t be because we don’t offer the same tax rate as Virginia,” Schulz said. “I want to be able to take that issue off the table.”
Sen. David Brinkley, R-Frederick and Carroll counties, is the sponsor of SB34, which would also lower the rate to 6 percent.
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They should lower the SALES TAXES back to the same level as Virginia as well.
ReplyDeleteOr even lower.
Lots of MD businesses are losing sales over something as simple as the higher sales taxes imposed here.
Corp tax should be eliminated altogether. Corps don't really pay it anyway esp the larger ones. We the consumers do because they pass it along in higher prices on their goods and services which in turn gives consumers less disposable income resulting in less money going into the local economies.
ReplyDeleteContrary to what they say big business loves this tax. It helps to eliminate the "small guy" competitor and also prevents new competitors from forming.
Since the Demcrats are controlled by big business and corporations this will never pass.