Wes Moore's counterproductive plan to raise taxes on the "wealthy"

[Anonymous]

This WSJ had a good take:

https://www.wsj.com/opinion/maryland-taxes-wes-moore-california-new-york-democrats-28efc20c?mod=hp_opin_pos_5#cxrecs_s

Sorry if you are not a WSJ customer.

Ugh - so frustrated as a maryland resident. I hate the "tax the rich" mindset of so many democrats. It's short sighted and counter-productive.

It's just so easy to target a minority demographic, who already pays the most taxes by far. If raising money was really the goal they'd tax everyone.

[Anonymous]

If your AGI is above $500k, you can pay the extra tax. If you make $500k you could try being thankful and charitable instead of making the outlandish claim that you are not "wealthy."

[Anonymous]

I have to say I agree with the WSJ for once. This will result in a very high tax rate for incomes in excess of $500k. I know the rich won’t get much sympathy, but this isn’t California. Most rich people live close to the Virginia border (which has lower crime and better job growth), so it is an easy move.

If they can’t balance the budget with what are already some of the highest taxes in the country, then further tax increases are not the answer. They are killing the goose that lays the golden egg.

[Anonymous]

If you're worried that that high an income isn't a good proxy for wealth, maybe consider supporting a tax on wealth held instead of a tax on income earned?

[Anonymous]

Federal income tax
Payroll tax
State tax
Property tax
Sales tax
Recordation tax
Capital gains tax

Jesus - I pay at least 50% of my income in taxes. There comes a time when it's just too much.

[Anonymous]

They're adding in a 1% capital gains tax _and_ increasing tax rates, if you're at higher income levels.

MD currently ranks 45/50 in terms of worst states to do business in. Wonder why?

Want to solve the fiscal situation? Don't implement Kirwan educational reforms. Money doesn't necessarily solve the problem. Baltimore City has the highest spending per student with the worst outcomes.

From a report on Kirwan:

"The Maryland Department of Budget and Management estimated that paying for the proposals would require a 39 percent in the personal income tax, an 89 percent increase in the sales tax, or a 535 percent increase in the property tax.[32] "

https://en.wikipedia.org/wiki/Blueprint_for_Maryland%27s_Future

[Anonymous]

Why people would elect a governor who has no experience in governing, I have never understood.

[Anonymous]

But it's Maryland... think of all the people who can't get up and think why am I not living in Maryland. All of them.

[Anonymous]

Anonymous wrote:If your AGI is above $500k, you can pay the extra tax. If you make $500k you could try being thankful and charitable instead of making the outlandish claim that you are not "wealthy."

They will just move to VA (or DE, FL), and then MD’s tax income will be reduced even more.

[Anonymous]

Anonymous wrote:If your AGI is above $500k, you can pay the extra tax. If you make $500k you could try being thankful and charitable instead of making the outlandish claim that you are not "wealthy."

You obviously have no idea how heavily taxed people at higher incomes are taxed. You can't just continuously turn to the same people and cut, cut, cut their take home income before it has massive impact on their behavior.

[jsteele]

https://www.dcurbanmom.com/jforum/posts/list/1250666.page