Reply to Shocker, MD Income taxes to increase

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[quote=Anonymous][quote=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

[b]Why not raise the gambling tax instead?[/b]

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

[b]Why not raise the marijuana tax instead?[/b]

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.[/quote]

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) [/quote]

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