Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing. [/quote]

Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.[/quote]

According to the article, 1/3 of taxpayers will see a tax increase. Does that qualify as "the wealthiest citizens"?[/quote]

No, that's not what it says. 18% would see a tax increase. 82% would see a tax decrease or no change. Two-thirds would see a tax decrease.

I, personally, would consider the top 18% of taxpayers to be the wealthiest taxpayers.

[i]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.

At the same time, the state would consolidate the lowest four tax brackets and double the standard deduction that earners take on their tax returns. Those changes would offer an average benefit of $173 per household.

Two-thirds of Maryland households would see an income tax cut, Moore administration officials said.[/i][/quote]

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