Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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/[/quote]

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.[/quote]

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). [/quote]

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.[/quote]
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.[/quote]

VA is also one of the only states in the country to tax groceries. It's the subject of campaign ads because politicians promise to get rid of the grocery tax, yet it always remains.[/quote]

It’s literally taxed at a 1% rate so who cares. No one making 1M or 2M a year cares about a 1% grocery tax that will cost them at most $100 or $200 each year. [/quote]

Nobody making 2M a year only spends $200 a week on groceries. Especially not these days.[/quote]

I make close to a million a year. I only spend about $200 a week on groceries. It's just my husband and me. Our kids are grown. I honestly wouldn't notice.[/quote]

This is why we should have wealth-based tax instead of income-based tax.  Doesn't have the regressive effect on social mobility that keeps the middle class struggling and the very wealthy able to game the overall societal system -- opportunity, advantaged income sources, overall taxation as a percentage of income, etc. -- to their continued benefit.[/quote]

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