Shocker, MD Income taxes to increase

[Anonymous]

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.

Who voted for that dude? Can we get him out of here before we have nothing left? How much is the surcharge?

[Anonymous]

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.

You are absolutely correct. You have to learn to blame it on climate change though, so you can have friends among the brainwashed. 😆

[Anonymous]

There is also going to be a 75 cent fee on deliveries like for Amazon

[Anonymous]

From what I read they are increasing the lowest tax rates to 4.7 but doubling the standard deduction. Then raising the rates on people who make over 500k and 1 mill

[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.

People this dumb shouldn’t be allowed to vote.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What are the new tax brackets?

One of the PPs mentioned a tax increase at $175k HHI, but the article mentions an increase at $500k.

They aren't anything, yet. This is merely the governor's proposal. The General Assembly will make the decisions.

There is a democratic supermajority in both the MD senate (34D-13R) and the MD house (102D-39R). If the governor supports the tax increase it is basically guaranteed to pass.

[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.

I don't think the governor's budget proposal should be based on your personal preferences. If you want to move to Virginia, then move.

They will. It happened in MA. The state raised taxes on high net worth households and saw a significant enough outmigration of those demographics, mostly to Florida, that anticipated revenues absolutely did not materialize. It's not hard to establish residency in Florida while retaining a home in MA. Even moderately comfortable people do it all the time from Maryland.

The threshold for the income tax increase is pretty low. Looks like it's $175k HHI. Which is nothing in Maryland. Nothing. Which also means most DCUMers will be paying higher taxes if they live in Maryland. It will see a push towards VA as people vote with their feet over time, which they already do. And retirees too.

I just hope Moore is really confident of his reelection chances. One reason why Hogan was so popular was he didn't raise taxes. And a strong centrist candidate running on a cutting tax platform could definitely have a chance against Moore.

And those who moved to Florida have lower "taxes" but when you factor in "fees" and the higher insurance costs, it basically evens out. Plus, you have to live in Florida, which for a lot of people is a non-starter.

Anecdotes and personal beliefs are irrelevant. Florida has substantial population growth. People absolutely vote with their feet. Affluent families have been moving to Florida for a long time now thanks to their tax codes and lax state residency requirements. In my affluent Baltimore suburb a fair few long term residents are officially residents of Florida judging from their license plates. They spend the winters in Florida, spring and fall in Baltimore and summer in New England. Completely legal and they avoid the income tax and their estate avoids Maryland estate taxes. Expect to see a lot more of this as it's not difficult nor particularly expensive for snowbirds to get a condo in Florida for half the year.

Wishing this isn't so isn't going to change anything. Maryland is steadily becoming a higher and higher tax state and it'll be interesting to see how it plays out, especially for the DMV with ease of access to DC, which you already see re relative value of real estate on either side of the river for comparable properties.

[Anonymous]

Anonymous wrote:From what I read they are increasing the lowest tax rates to 4.7 but doubling the standard deduction. Then raising the rates on people who make over 500k and 1 mill

How is the governor so incompetent that he can't even publicly publish his own proposal?

[Anonymous]

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/

Residential property assessments in Maryland went up 18% on average. I don't know where Moore comes up with no property tax increases for 80% of residents.

One term governor.

property assessments are done at the local level.

[Anonymous]

Anonymous wrote:

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.

I don't think the governor's budget proposal should be based on your personal preferences. If you want to move to Virginia, then move.

They will. It happened in MA. The state raised taxes on high net worth households and saw a significant enough outmigration of those demographics, mostly to Florida, that anticipated revenues absolutely did not materialize. It's not hard to establish residency in Florida while retaining a home in MA. Even moderately comfortable people do it all the time from Maryland.

The threshold for the income tax increase is pretty low. Looks like it's $175k HHI. Which is nothing in Maryland. Nothing. Which also means most DCUMers will be paying higher taxes if they live in Maryland. It will see a push towards VA as people vote with their feet over time, which they already do. And retirees too.

I just hope Moore is really confident of his reelection chances. One reason why Hogan was so popular was he didn't raise taxes. And a strong centrist candidate running on a cutting tax platform could definitely have a chance against Moore.

And those who moved to Florida have lower "taxes" but when you factor in "fees" and the higher insurance costs, it basically evens out. Plus, you have to live in Florida, which for a lot of people is a non-starter.

Anecdotes and personal beliefs are irrelevant. Florida has substantial population growth. People absolutely vote with their feet. Affluent families have been moving to Florida for a long time now thanks to their tax codes and lax state residency requirements. In my affluent Baltimore suburb a fair few long term residents are officially residents of Florida judging from their license plates. They spend the winters in Florida, spring and fall in Baltimore and summer in New England. Completely legal and they avoid the income tax and their estate avoids Maryland estate taxes. Expect to see a lot more of this as it's not difficult nor particularly expensive for snowbirds to get a condo in Florida for half the year.

Wishing this isn't so isn't going to change anything. Maryland is steadily becoming a higher and higher tax state and it'll be interesting to see how it plays out, especially for the DMV with ease of access to DC, which you already see re relative value of real estate on either side of the river for comparable properties.

florida has population growth because boomers in the midwest and new york are going there to rot and die

[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/

Residential property assessments in Maryland went up 18% on average. I don't know where Moore comes up with no property tax increases for 80% of residents.

One term governor.

property assessments are done at the local level.

No, in MD the state does them.

[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.

Who voted for that dude? Can we get him out of here before we have nothing left? How much is the surcharge?

Tom Perez (the better candidate IMO) and Peter Franchot were both dems running against Moore, who previously had never held an elected position. Moore came out on top in that 3-way match.

[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).

now add in the "car tax" and other fees that Virginia has, and you will discover that living in either place is about the same.

The VA car tax isn't anywhere near $6k per month. Its a once per year tax based on the value of your vehicle. There are no other fees to live in VA.

[Anonymous]

Marylanders, you are welcome in Virginia, where you get to keep more of what you earn.

[Anonymous]

82% of Marylanders get a tax cut, and we see a thread calling it a tax increase. Gotta love the dishonesty. At least the title should specify that it's a tax increase for people making 750K or more.