Posted on | March 17, 2012 | Comments Off on Maryland Senate Votes To Increase Tax Rates For High Income Earners
From Tax Cuts to Tax Increases – Maryland Senate Votes to Tax the Rich More
Maryland residents who earn more than $500,000 annually will have to pay more taxes after the Senate voted to increase tax rates for the rich. Many people see this as class warfare launched by liberals.
The proposal dubbed the “millionaire’s tax” was approved after liberal-leaning Senators refused to approve a smaller tax rate for all taxpayers unless the rich took a special hit.
More than 15,000 households will be affected by the new law. Couples filing jointly will have to pay at least 2,752 dollars more on their income.
The idea is similar to the proposals of President Obama that have pitted him against congressional Republicans in a serious standoff.
Senator Robert A. Zirkin, a democrat from Baltimore County, was against the proposal because it literally discriminated a certain group of people based on their earnings.
At one time Senator David Brinkley offended his colleagues after claiming that Karl Marx would be happy with the move. He apologized later on for the statement.
Senator Paul Pinsky, a Prince George’s County liberal democrat defended the proposal claiming that it is not wrong to ask high income earners to pay higher taxes.
After the Senate approval, the measure will be moved to the House of Delegates which has already indicated that it would like the wealthy in the society to pay more, but does not agree with the mechanism proposed by the Senate.
The Senate is planning to cut spending by nearly 500 million dollars. It has also indicated that it will authorize the state to collect local income tax if the counties do not provide adequate funds for their schools.
- Interesting Facts On 2012 Taxes (2012taxes.org)
- Effective Tax Rate: Not As Simple As It Seems (2010tax.org)