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]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]

You seem to want to stick it to rich people but if you really wanted to stick it to rich people you’d keep the ITOC and raise tax rates. Getting rid of the ITOC is a 20 percent tax increase for a lot of condo owners. [b]But it amounts to much less than the Elrich tax increase for the top third of homeowners.[/b] [/quote]

You minimize the impact on the rich, but it costs the county $140 million most of which goes to households with incomes well above the median for the county because homeowners in Montgomery County have much higher incomes than renters.

It is absurd to defend this credit as "progressive" when it leaves out the 1/3 of residents that are renters. The cost is astronomical and most of it is not even helping people with even slightly low incomes. I'm so glad Fani Gonzalez recommended this.
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