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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I love how staff did a table workup of the difference in [i]income taxes only[/i] when comparing the Executive's proposal to the County Council President's proposal:

Table 4: Comparing Estimated Average Changes to Tax Bill
Maryland Taxable 
Income   ||   Executive’s Proposal   ||   Council President’s 
Proposal
Less than $50,000  ||  + $22  ||  - $153
$50,000 to $149,999  ||  + $76  ||  - $454
$150,000 to $299,999  ||  + $193  ||  - $750
$300,000 to $499,999  ||  + $353  ||  - $697
More than $500,000  ||  + $1,253  ||  + $203

That's only for those who aren't owner-occupants.  When adding back the increased tax paid with elimination of the $695 ITOC, we get to:

Maryland Taxable 
Income   ||   Executive’s Proposal   ||   Council President’s 
Proposal
Less than $50,000  ||  + $22  ||  + $542
$50,000 to $149,999  ||  + $76  ||  + $241
$150,000 to $299,999  ||  + $193  ||  - $55
$300,000 to $499,999  ||  + $353  ||  - $2
More than $500,000  ||  + $1,253  ||  + $898

Great for those earning above $300k and netting $355 to their favor from Natali Fani Gonzalez & Co. when comparing the two plans.  Quite a different picture, especially for older/fixed-income owners and those struggling to make ends meet with the dream of homeownership in east county/upper central county/mildly clustered far west county.

Completely special-interest-owned ass-hats.[/quote]

The median HHI for homeowners is $177k. There are other tax credits for homeowners with low incomes and who are elderly. I certainly support expanding them. I do not support the county continuing to spend $140 million per year to subsidize homeownership for the wealthy.[/quote]

What until you find out about the 10-figure subsidies Andrew Friedson did for penthouses that aren’t affordable unless you make $400k a year. [/quote]

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