Wednesday, May 9, 2012

Maryland Budget Deal Includes Tax Increases

As reported by WBAL, Maryland governor Martin O'Malley (D) and the state legislature (both houses D-majority) have reached a deal that will raise state income taxes on people making over $100,000 per year, raise taxes on some cigars, and move the costs of teacher pensions from the state to county governments.  From WBAL:
O'Malley, also a Democrat, says a "balanced approach" to the state's finances is necessary and that balancing the budget solely through cuts would "harm all of us."
The income tax increases would affect about 16 percent of Marylanders. They would kick in for individuals making $100,000 or more or households making $150,000.
Maryland residents pay income taxes to the state government, and also to our county or (in some places) city government.  Both are figured out on a single income tax form.  The county and city tax rates vary from one to the next.

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