Maryland Senate Votes To Tax The Rich

Maryland state senate has voted in a new tax and people are unhappy about it. Not too long ago the state senate in a majority vote decided to introduce a so called millionaire’s tax that would make people who earn more than half a million dollars pay more in taxes.
The collective thought of the senate is split at the moment, many think this is the right thing to pursue and others think that this is no fair to the people and that everyone should be taxed equally.
This tax vote came as the State Senate approved its version of the budget. This new measure moves next to the House of Delegates, which has flagged an openness to approaching the rich and asking them to pay more – but not really using the same outline favored by the Senate committee.
This proposed idea reflects a nationwide debate that has pitted the president against the congressional right leaning republicans in a tense standoff over the best way to lower the federal deficit. This also sparked an identically heated discussion in the Maryland State Senate. This idea also revives a higher tax bracket in Maryland that has in the past led to years of concern as to whether or not it would drive high earners out of the state before it expired two years ago.
The Maryland State Senate’s budget includes around half a billion dollars in spending cuts, moves the approximate quarter billion dollars in teachers’ pension costs to the counties for around five years, and then gives the state authority to seize the local income tax collections if counties don’t appropriately fund their education system.
The entire ‘Tax the rich’ vote sounds like a modern day  Robin Hood act.

What You Did Not Know About The Brownback Tax Plan

Poor Kansans would be affected most by the Brownback tax plan

Sam Brownback, Kansas Governor, came up with this new tax plan with the aim of overhauling the Kansas tax code.

Under the new tax plan, taxpayers who earn less than 25,000 dollars per year will be required to pay 156 dollars more in income taxes. In contrast, more than 21,000 taxpayers who make more than 250,000 annually will get an average reduction of around 5,200 dollars in income taxes.

On average, 185,692 taxpayers who earn between 50,000 dollars and 75 dollars will pay 282.90 dollars less in the proposed plan.

These figures were concocted by Kansas Department of revenue and not by some special interest group.

After submission to a special senate committee that specializes in tax codes, the plan raised a storm as critics say that its a government conspiracy to shift the cost of running the government from the rich to the impoverished Kansans.

Anthony Hensley minority leader called it, Robin Hood in reverse. He said that the plan would basically rob the poor to make the rich richer.

The Brownback administration insisted that the plan is meant to help the most impoverished Kansans.

Nick Jordan, Revenue Secretary, claimed that the plan would create new economic opportunities across the state for all Kansans regardless of their income level.

The tax plan lowers the tax bracket for the lowest earners, those earning less than 15,000 dollars, to 3 percent from 3.5 percent and that of the highest earners from 6.45 to 4.9 per cent.

The intention of the state was to make 2012 taxes flatter and simpler for all Kansans.