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Top earners would pay more under O’Malley budget (yep)
The Washington Times ^ | January 18, 2012 | David Hill

Posted on 01/19/2012 10:19:18 PM PST by Tolerance Sucks Rocks

Maryland Gov. Martin O'Malley proposed a state budget Wednesday that would increase tax payments for the top 20 percent of Maryland wage earners, prompting criticism that the move will further burden families in difficult economic times.

Mr. O'Malley, a Democrat, laid out a $35.9-billion spending plan that would pay for increased spending on infrastructure by raising several taxes and shifting some state costs to counties.

The budget calls for an increase in the state’s so-called “flush tax,” higher taxes on cigars and smokeless tobacco, and restrictions on income-tax deductions and exemptions that will cause the top 20 percent of earners to pay higher taxes.

“I don’t like doing this, and there are many unpleasant parts of this responsibility,” the governor said. “But to get us through this recession in advance of other states … there are difficult things that we need to ask of one another.”

Under the governor’s proposal, single residents making between $100,000 and $125,000 a year and couples making $150,000 to $175,000 would be allowed to deduct only $1,200 from their taxable income for each personal exemption, rather than the standard $2,400.

Personal exemptions would be eliminated entirely for single residents earning more than $125,000 and couples earning more than $175,000.

Mr. O'Malley’s budget would also cap itemized deductions for the state’s highest earners, allowing those who make more than $100,000 to claim deductions of no more than 90 percent of their income and those making more than $200,000 to claim no more than 80 percent.

To explain the changes’ effect, the governor said a family of four with two wage-earners would pay an extra $191 in annual income taxes.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Government; News/Current Events; US: Maryland
KEYWORDS: budget; martinomalley; taxes; taxincreases

1 posted on 01/19/2012 10:19:22 PM PST by Tolerance Sucks Rocks
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To: Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; cindy-true-supporter; ...

Maryland “Freak State” PING!

2 posted on 01/19/2012 10:20:06 PM PST by Tolerance Sucks Rocks (Occupy DC General Assembly: We are Marxist tools. WE ARE MARXIST TOOLS!)
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To: Tolerance Sucks Rocks

Democrat Governor of Liberal state seeks to balance budget by raising taxes on the most productive citizens of the state. SHOCKER!


3 posted on 01/20/2012 2:28:47 AM PST by Pentagon Leatherneck
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To: Tolerance Sucks Rocks

Typical - tax and spend. O’Moron is also pushing 50% of teachers retirement costs back onto the counties.

O’Moron making the hard choices.

To all Maryland Freepers, RUN FOR THE HILLS!

4 posted on 01/20/2012 3:15:58 AM PST by Jimmy Valentine's brother (Near term Obamacare 'Unit")
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To: Tolerance Sucks Rocks

I live in MD ...

If O’Malley gets his way:

440,000 people will have their taxes raised. Fat chance this goes through - these are the people who fund the state legislators in their campaigns ...

He wants to triple the “flush tax” to $90/year ...

He wants AT LEAST a 25-Cent increase in the gas tax ...

He wants to toss 50% of the state-paid teacher pension costs back to the individual counties, which will force them to raise county taxes ...

He wants to add a $2 monthly fee to everybody’s electric utility bill to fund a wind fam off of Ocean City MD and then force the electric utilites to buy that power [which actually costs more than coal-produced electricity]. So, the electric utilities will then pass the costs on to the consumers ...

He wants to end some tax breaks to electric and telecom companies - which they will then pass on to consumers in higher monthly bills ...

He wants to pass gay marriage - which was defeated in the LAST session of the legislature. It will be defeated again, this session ...

He wants voters to keep the DREAM ACT [which gives children of illegals in-state tuition]. It became law last year - but is going to referendum in November. The law will be repealed by voters ...

LASTLY, he wants to be a national player after his term - he is term limited. So, he wants to be Senator when Mikulski retires - which is likely soon ...

BUT, he AIN’T gonna get it with these MORONIC proposals ...

5 posted on 01/20/2012 3:39:17 AM PST by Lmo56 (If ya wanna run with the big dawgs - ya gotta learn to piss in the tall grass ...)
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To: Lmo56
It is amazing what a change in circumstances can do for a Maryland resident. Now that I just sold our house and will be moving to Utah in three months or so whatever happens here in Maryland ( THE freak state) is merely humorous. for the hills. The LIB-idiots here are (as usual) out of control in their lust to spend, spend, spend. In my three decades here, I have never seen the LIBs consider "stop spending". Amazing, no?
6 posted on 01/20/2012 4:42:16 AM PST by hal ogen (1st Amendment or Reeducation Camp?)
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To: Tolerance Sucks Rocks

They keep driving the rich out of the state, and pretty soon the “rich” are going to be anyone who can afford a cup of Starbucks on their way to work...

7 posted on 01/20/2012 4:50:47 AM PST by kevkrom (Note to self: proofread, then post. It's better that way.)
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