Shocker, MD Income taxes to increase

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/

but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.

This makes the difference between tax rates in MD and VA quite large. The top rate in VA is 5.75%, in MD the top rate will be 10.7% after this bill passes. The top income tax rate will be almost double after that of Virginia after this law passes. A law firm partner making 2M pre-tax, will have a take home pay of 1.067M in Virginia. In MD (MOCO) their take home pay would only be 995k. Many highly compensated professionals will be interested in moving right across the river to increase their disposable income by more than 7% (6k per month).

Then they should do so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They're turning the entire state into Baltimore. Libs just slammed MoCo residents too with massive property tax hikes based on grossly inflated property assessments they aren't remotely in the realm of reality.

Ahh yeah the black guy wants to turn it into a black city, didn't take long for the racism

Good Lord, shut up.

Baltimore collapsed because idiot Democrats raised taxes over and over and over again. That's why Baltimore has mind warping property and income taxes for a failed city that provides zilch in return. Baltimore also stifled businsses out of existence with massive amounts of red tape and taxation. Everyone fled the city to escape the crushing levels of taxes, and that's why propety values in Bmore haven't gone anywhere in 20 years. It has nothing to do with Baltimore being black. It has everything to do with Democrats taxing Baltimore to death to the point they killed it. They're bringing their same failed strategies that drove Baltimore into the ground and spreading it all over Maryland. Take a look around and see how many counties keep raising property taxes. Now they're increasing income taxes. Meanwhile, MD is one of the worst states in the entire country to do business in. It is just the Baltimorification of the entire state. Everyone is going to flee MD because Dems can never cut spending and only see the problems as taxation issues.

What a bizarre alternative history.

This has been on next door for months its word salad garbage

[Anonymous]

You can read the actual budget proposal here:

https://dbm.maryland.gov/budget/Documents/operbudget/2026/proposed/FY2026MarylandStateBudgetHighlights.pdf

In the introduction, they claim it's needed due to declining revenue, and increased expenses.. but don't they think raising taxes may lead more taxpayers to leave?

It happened in 2010:
https://www.nbcwashington.com/news/local/millionaires-flee-montgomery-county/2094811/

As for revenues, remember that we legalized gambling. MD gets a chunk of revenue from that -- on the order of $1.5 billion/year:
https://www.mdgaming.com/wp-content/uploads/2024/08/MLGCA-FY2024-Summary.pdf

Why not raise the gambling tax instead?

Or remember when we voted to legalize marijuana? It generated over $1.1billion in sales last year, and the states gets 9% of that so over 100 million.
https://governor.maryland.gov/news/press/pages/governor-moore-announces-more-than-11-billion-in-total-sales-during-for-first-year-of-cannabis-legalization.aspx

Why not raise the marijuana tax instead?

According to the governor's budget (PDF page 6), income tax revenue is proposed to go up by 400 million. Why not increase the sin taxes above?

And let's not forget, by not raising rates at all, Maryland still will bring in more in property taxes because assessments are up.

[Anonymous]

Anonymous wrote:
Under the proposal, the state would establish two new tax brackets. Individual earnings beyond $500,000 would be taxed at 6.25% and earnings above $1 million would be taxed at 6.5%. The state would also add a 1% surcharge on capital gains taxes for the next four years.

The interesting thing about capital gains is it generally applies when you sell something, so you can time when you do that. Looks like I'll be holding off on some transactions until 4 years from now. Lukcily I got a bunch done in 2024 anticipating tax uncertainty is 2025.

[Anonymous]

Anonymous wrote:You can read the actual budget proposal here:

https://dbm.maryland.gov/budget/Documents/operbudget/2026/proposed/FY2026MarylandStateBudgetHighlights.pdf

In the introduction, they claim it's needed due to declining revenue, and increased expenses.. but don't they think raising taxes may lead more taxpayers to leave?

It happened in 2010:
https://www.nbcwashington.com/news/local/millionaires-flee-montgomery-county/2094811/

As for revenues, remember that we legalized gambling. MD gets a chunk of revenue from that -- on the order of $1.5 billion/year:
https://www.mdgaming.com/wp-content/uploads/2024/08/MLGCA-FY2024-Summary.pdf

Why not raise the gambling tax instead?

Or remember when we voted to legalize marijuana? It generated over $1.1billion in sales last year, and the states gets 9% of that so over 100 million.
https://governor.maryland.gov/news/press/pages/governor-moore-announces-more-than-11-billion-in-total-sales-during-for-first-year-of-cannabis-legalization.aspx

Why not raise the marijuana tax instead?

According to the governor's budget (PDF page 6), income tax revenue is proposed to go up by 400 million. Why not increase the sin taxes above?

And let's not forget, by not raising rates at all, Maryland still will bring in more in property taxes because assessments are up.

Did you link to the budget without reading it? These are all on page 15:

• Increase the sports wagering tax rate from 15% to 30%
• Increase the table game tax rate from 20% to 25%
• Increase the cannabis tax rate from 9% to 15% effective July 2026 (FY 2027)

[Anonymous]

Anonymous wrote:OP is a moron. You can't cut cut cut cut and expect their to not be a decline in public services...rendered to citizens

no one is asking for a cut - no need to keep RAISING

Maryland has a spending problem. fix that first.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP is a moron. You can't cut cut cut cut and expect their to not be a decline in public services...rendered to citizens

no one is asking for a cut - no need to keep RAISING

Maryland has a spending problem. fix that first.

So, interestingly enough, the governor's proposal includes tax decreases, tax increases, spending cuts, and spending increases.

[Anonymous]

Anonymous wrote:OP is probably someone who wept for the UHC CEO getting shot

OP here, while I didn't weep, it is 100% wrong and I hope Luigi is locked up for life. You people are nuts. The wealthy pay most of the taxes. Why piss us off when we can easily leave?

[Anonymous]

Anonymous wrote:You can read the actual budget proposal here:

https://dbm.maryland.gov/budget/Documents/operbudget/2026/proposed/FY2026MarylandStateBudgetHighlights.pdf

In the introduction, they claim it's needed due to declining revenue, and increased expenses.. but don't they think raising taxes may lead more taxpayers to leave?

It happened in 2010:
https://www.nbcwashington.com/news/local/millionaires-flee-montgomery-county/2094811/

As for revenues, remember that we legalized gambling. MD gets a chunk of revenue from that -- on the order of $1.5 billion/year:
https://www.mdgaming.com/wp-content/uploads/2024/08/MLGCA-FY2024-Summary.pdf

Why not raise the gambling tax instead?

Or remember when we voted to legalize marijuana? It generated over $1.1billion in sales last year, and the states gets 9% of that so over 100 million.
https://governor.maryland.gov/news/press/pages/governor-moore-announces-more-than-11-billion-in-total-sales-during-for-first-year-of-cannabis-legalization.aspx

Why not raise the marijuana tax instead?

According to the governor's budget (PDF page 6), income tax revenue is proposed to go up by 400 million. Why not increase the sin taxes above?

And let's not forget, by not raising rates at all, Maryland still will bring in more in property taxes because assessments are up.

because that would be racist...duh!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/

but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.

This makes the difference between tax rates in MD and VA quite large. The top rate in VA is 5.75%, in MD the top rate will be 10.7% after this bill passes. The top income tax rate will be almost double after that of Virginia after this law passes. A law firm partner making 2M pre-tax, will have a take home pay of 1.067M in Virginia. In MD (MOCO) their take home pay would only be 995k. Many highly compensated professionals will be interested in moving right across the river to increase their disposable income by more than 7% (6k per month).

Then they should do so.

Alright then good luck funding Marylands expansive welfare programs and hand outs. The tax system is already very top heavy in terms of revenue and it won’t take much to topple this house of cards. Virginia thanks you for the contributions to their economy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP is probably someone who wept for the UHC CEO getting shot

OP here, while I didn't weep, it is 100% wrong and I hope Luigi is locked up for life. You people are nuts. The wealthy pay most of the taxes. Why piss us off when we can easily leave?

Maybe turn that question around and ask yourself, "Why enrich yourself at the expense of the majority of the population?"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/

but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.

This makes the difference between tax rates in MD and VA quite large. The top rate in VA is 5.75%, in MD the top rate will be 10.7% after this bill passes. The top income tax rate will be almost double after that of Virginia after this law passes. A law firm partner making 2M pre-tax, will have a take home pay of 1.067M in Virginia. In MD (MOCO) their take home pay would only be 995k. Many highly compensated professionals will be interested in moving right across the river to increase their disposable income by more than 7% (6k per month).

Then they should do so.

Alright then good luck funding Marylands expansive welfare programs and hand outs. The tax system is already very top heavy in terms of revenue and it won’t take much to topple this house of cards. Virginia thanks you for the contributions to their economy.

I think we'll be fine without you, bon voyage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/

but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.

This makes the difference between tax rates in MD and VA quite large. The top rate in VA is 5.75%, in MD the top rate will be 10.7% after this bill passes. The top income tax rate will be almost double after that of Virginia after this law passes. A law firm partner making 2M pre-tax, will have a take home pay of 1.067M in Virginia. In MD (MOCO) their take home pay would only be 995k. Many highly compensated professionals will be interested in moving right across the river to increase their disposable income by more than 7% (6k per month).

Then they should do so.

So you want high earning households to leave the state? The people who already pay most of the taxes? The problem with taxing high net worth people is that they tend to be much more mobile than lower earning people or middle class people. Anyone working in DC can easily just jump across the river and save their moving costs in just one year. And a huge chunk of Maryland's high earning households are in the DC suburbs.

Raising taxes on 18% of the state households while claiming to cut taxes on 2/3s (average cut is under $200) will be interesting, politically. I'd thought Moore was a 100% dead cert lock for reelection but not so sure any more. A Hogan equivalent could swing enough voters from that 18% demographic to win. Hogan ran and won on no more taxes following the O'Malley administration that saw steady tax increases and fee increases for everything and backtracking on his pledge not to raise state college tuition (which had been one of his key attack platforms against the previous republican governor). Keep in mind that Moore has already raised a lot of fees like car registration fees (which shot up enormously).

People can jump in and say they won't move, but I don't care about individual claims. Following the aggregate outcome will be very telling and interesting. We have ample evidence from other states, including Massachusetts, that saw wealthy households move out of the state following tax increases so those revenues never materialized as predicted. And we will see how people make their housing decision going forward, including people moving into the DMV (already ample evidence VA is gaining those residents over Maryland) and up and coming families make their preference when they grow out of DC for the suburbs. Aggregate numbers are important, not individual stories.

[Anonymous]

This only affects those earning $500K+?

I really don't care, do u?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP is probably someone who wept for the UHC CEO getting shot

OP here, while I didn't weep, it is 100% wrong and I hope Luigi is locked up for life. You people are nuts. The wealthy pay most of the taxes. Why piss us off when we can easily leave?

Maybe turn that question around and ask yourself, "Why enrich yourself at the expense of the majority of the population?"

you do realize we still pay more state income taxes that 99% of the MD population right? How and i enriching myself at the expense of the majority when the taxes I pay to MD are more than average salaries in MD?

Such a weird statement