Reply to MoCo looking at increasing income taxes for those making above $150K

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So the Council is discussing using the money from the ITOC repeal for MCPS operating costs instead of MCPS capital costs.   MCPS loses some (all?) HVAC, roof replacement, outdoor play space funding.

That ITOC repeal is a one time thing.  But now they want to build it in to ongoing MCPS operating expenses?  And they face a fiscal cliff in FY2028 anyway?

Another crappy patchwork "fix."  I hope all of you who voted on referendum for super majority vote on the Council for budget items knows that in practice, it has actually INCREASED expenditures.  Because nobody can come to that large of a consensus.

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It’s not a fix at all. They will raise income taxes on low wage earners in short order to close the gap. [/quote]

[b]No. There's no money from low income workers? That makes no sense. 
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There will be a savings plan in the middle of the year and probably furloughs. [/quote]

By raising the rates in the lower brackets they will also be capturing more money from higher earners. They’re going to need every penny. Bottom line is they’ll continue to protect the commercial property owners from increases while also preserving their tax abatements. Residents pay the full price. [/quote]

No. The new progressive income tax increases the rate to the state max of 3.3% on those making over $150k. And that's marginal.  The super wealthy pay a huge chuck of our entire income revenue stream. There is no way to increase it more. Trying to overturn this new lower income tax for lower earners won't bring in anything significant [/quote]

It will bring in more than zero and they will grab every penny. The only people who won’t pay are commercial property owners. [/quote]

It's not going to happen. What's more likely to happen is the sustain repeal won't be reinstated next year either. Just like Leggett's one time energy tax has become permanent. [/quote]

*ITOC repeal. [/quote]

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