Reply to If You Are A Maryland Democrat Contemplating A Vote For Hogan, Read This First:

Forum Index » Metropolitan DC Local Politics

Reply to "If You Are A Maryland Democrat Contemplating A Vote For Hogan, Read This First:"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Directly from the article, “Most Democrats (and many others) agree with the concept of progressive taxation. If you earn more, you should pay more. But as MoCo residents, we should consider this: Our county is heavily dependent on high earners for local revenue. Take away the county’s seven wealthiest zip codes and the rest of MoCo’s mean household income is about average for the D.C. region. Last year, when 50 of the county’s wealthiest taxpayers deferred capital gains income to take advantage of the federal tax cut, the county’s budget lost tens of millions of dollars. The county’s needs, especially in education and transportation, are gigantic and taxing the wealthy is one of its most important strategies for paying the bills.

So what happens if Jealous pushes through a big tax hike on top earners? Maryland and Virginia both have top income tax rates of 5.75 percent,  but MoCo adds 3.2 percent to that.  [/b]If this difference grows even more, that creates an incentive to relocate. MoCo already loses tens of millions of dollars a year in taxpayer flight to Virginia and even more to Florida, which has no income tax[b].   And MoCo was targeted by another state income tax hike as recently as 2012, paying 41 percent of that increase.”[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics