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.
- Unusual Tax Deductions You Should Not Claim (2012taxes.org)
- Use TurboTax To Help With Taxes (2011taxes.org)