Anonymous
Post 01/15/2025 13:26     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing.


Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.


According to the article, 1/3 of taxpayers will see a tax increase. Does that qualify as "the wealthiest citizens"?


No, that's not what it says. 18% would see a tax increase. 82% would see a tax decrease or no change. Two-thirds would see a tax decrease.

I, personally, would consider the top 18% of taxpayers to be the wealthiest taxpayers.

Under the proposal, the state would establish two new tax brackets. Individual earnings beyond $500,000 would be taxed at 6.25% and earnings above $1 million would be taxed at 6.5%. The state would also add a 1% surcharge on capital gains taxes for the next four years.

At the same time, the state would consolidate the lowest four tax brackets and double the standard deduction that earners take on their tax returns. Those changes would offer an average benefit of $173 per household.

Two-thirds of Maryland households would see an income tax cut, Moore administration officials said.
Anonymous
Post 01/15/2025 13:26     Subject: Shocker, MD Income taxes to increase
From surplus to deficits and now tax hikes. Shocker.
Anonymous
Post 01/15/2025 13:25     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:What an odd way to characterize the governor's budget proposal.

Governor’s budget proposal to include tax cuts and ‘growth agenda’ spending

Moore: 82% of people will see a cut or no change in taxes; corporate tax rate would also be cut

https://marylandmatters.org/2025/01/14/governors-budget-proposal-to-include-tax-cuts-and-growth-agenda-spending/


but yet my taxes will go up plus a surcharge on capital gains. They just love losing wealthy residents to VA. At some point, who will stay? There is zero incentive to stay in MD when VA is 5 min from my house.


This makes the difference between tax rates in MD and VA quite large. The top rate in VA is 5.75%, in MD the top rate will be 10.7% after this bill passes. The top income tax rate will be almost double after that of Virginia after this law passes. A law firm partner making 2M pre-tax, will have a take home pay of 1.067M in Virginia. In MD (MOCO) their take home pay would only be 995k. Many highly compensated professionals will be interested in moving right across the river to increase their disposable income by more than 7% (6k per month).
Anonymous
Post 01/15/2025 13:24     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing.


Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.


According to the article, 1/3 of taxpayers will see a tax increase. Does that qualify as "the wealthiest citizens"?


Technically yes
Anonymous
Post 01/15/2025 13:24     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing.


Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.


According to the article, 1/3 of taxpayers will see a tax increase. Does that qualify as "the wealthiest citizens"?


The article says 18% would see an increase. It says 2/3 would see a cut, but it does not follow that 1/3 would see an increase, since your taxes can also stay the same.
Anonymous
Post 01/15/2025 13:19     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing.


Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.


According to the article, 1/3 of taxpayers will see a tax increase. Does that qualify as "the wealthiest citizens"?
Anonymous
Post 01/15/2025 13:14     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:They're turning the entire state into Baltimore. Libs just slammed MoCo residents too with massive property tax hikes based on grossly inflated property assessments they aren't remotely in the realm of reality.


Ahh yeah the black guy wants to turn it into a black city, didn't take long for the racism


Good Lord, shut up.

Baltimore collapsed because idiot Democrats raised taxes over and over and over again. That's why Baltimore has mind warping property and income taxes for a failed city that provides zilch in return. Baltimore also stifled businsses out of existence with massive amounts of red tape and taxation. Everyone fled the city to escape the crushing levels of taxes, and that's why propety values in Bmore haven't gone anywhere in 20 years. It has nothing to do with Baltimore being black. It has everything to do with Democrats taxing Baltimore to death to the point they killed it. They're bringing their same failed strategies that drove Baltimore into the ground and spreading it all over Maryland. Take a look around and see how many counties keep raising property taxes. Now they're increasing income taxes. Meanwhile, MD is one of the worst states in the entire country to do business in. It is just the Baltimorification of the entire state. Everyone is going to flee MD because Dems can never cut spending and only see the problems as taxation issues.


What a bizarre alternative history.
Anonymous
Post 01/15/2025 13:13     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:
Anonymous wrote:They're turning the entire state into Baltimore. Libs just slammed MoCo residents too with massive property tax hikes based on grossly inflated property assessments they aren't remotely in the realm of reality.


Ahh yeah the black guy wants to turn it into a black city, didn't take long for the racism


Good Lord, shut up.

Baltimore collapsed because idiot Democrats raised taxes over and over and over again. That's why Baltimore has mind warping property and income taxes for a failed city that provides zilch in return. Baltimore also stifled businsses out of existence with massive amounts of red tape and taxation. Everyone fled the city to escape the crushing levels of taxes, and that's why propety values in Bmore haven't gone anywhere in 20 years. It has nothing to do with Baltimore being black. It has everything to do with Democrats taxing Baltimore to death to the point they killed it. They're bringing their same failed strategies that drove Baltimore into the ground and spreading it all over Maryland. Take a look around and see how many counties keep raising property taxes. Now they're increasing income taxes. Meanwhile, MD is one of the worst states in the entire country to do business in. It is just the Baltimorification of the entire state. Everyone is going to flee MD because Dems can never cut spending and only see the problems as taxation issues.
Anonymous
Post 01/15/2025 13:11     Subject: Shocker, MD Income taxes to increase
OP is probably someone who wept for the UHC CEO getting shot
Anonymous
Post 01/15/2025 13:09     Subject: Shocker, MD Income taxes to increase
Hi Larry!
Anonymous
Post 01/15/2025 13:09     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:OP is a moron. You can't cut cut cut cut and expect their to not be a decline in public services...rendered to citizens


OP would probably complain that services are cut and then blame the governor for it even though they're implementing cuts to the budget in order to save money

There's no reasoning with the unreasonable. These are the same people who are mad that LA funded their police department and think that's the reason why there are wildfires.
Anonymous
Post 01/15/2025 13:08     Subject: Shocker, MD Income taxes to increase
OP is a moron. You can't cut cut cut cut and expect their to not be a decline in public services...rendered to citizens
Anonymous
Post 01/15/2025 13:07     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:https://www.thebaltimorebanner.com/politics-power/state-government/wes-moore-maryland-budget-taxes-SPL7WZDG4BHCRFQU7S5QDXW5KA/

Blah

Why is Maryland hell bent on becoming less competitive with VA? It's truly mind-blowing.


Only the wealthiest citizens will see taxes go up, the rest of us like me will get a tax break. I'm for it.
Anonymous
Post 01/15/2025 13:06     Subject: Shocker, MD Income taxes to increase
Anonymous wrote:They're turning the entire state into Baltimore. Libs just slammed MoCo residents too with massive property tax hikes based on grossly inflated property assessments they aren't remotely in the realm of reality.


Ahh yeah the black guy wants to turn it into a black city, didn't take long for the racism
Anonymous
Post 01/15/2025 13:05     Subject: Shocker, MD Income taxes to increase
I'm confused, so you all don't want high income earned to pay taxes and you don't want your taxes cut or left alone and you don't want economic growth with corporate taxes cut?