Thursday, September 20, 2007

Taxing Matters

Now we come to the income tax part of the governor’s revenue-raising plan. He’s proposing to create new brackets that would tax wealthier taxpayers more. By doing that, he says he can lower income taxes for most Maryland taxpayers and still raise an additional $163 million to apply against the projected budget deficit.

Ladies and gentlemen of the jury, do you have a verdict? Good idea, bad idea? Too much, not enough? Wrong approach? Whatever happened to the idea of a simple flat tax anyway?

The floor is open for discussion.

-TOM LINTHICUM, Executive Editor

2 comments:

Anonymous said...

Currently, I earn more than $3,000 per year and pay 4.75%. Since I earn less than $150,000 per year, under O'Malley's plan I will pay 4.75%. Where's my savings? Don't MOST Marylanders earn between $3,000 and $150,000?

Bruce Godfrey said...

I think that the benefit that applies to people under 3K also applies to everyone above it until they hit the fairly sharp increase at the higher brackets. I think it's merely an increase in the first exemption or a small credit, cannot tell which.