There has been a lot of media attention recently to Maryland's continued efforts to balance the state budget by raising current taxes or adding new ones. Perhaps the solution is in our backyard. With just two Maryland casinos open and plans to build more, The Sun recently reported state revenue from slot machines of $13 million for January totaling over $90 million for Maryland's fiscal year to date.
If table games (blackjack, roulette, etc.) are added, there's a potential bonanza of new revenue available as Maryland dollars are kept in Maryland as opposed to going to our neighbors in Delaware, West Virginia, Pennsylvania and even Atlantic City, N.J.
The key is how to distribute those revenues. Gov.Martin O'Malleyand the state legislature should consider altering the split of casino revenues (currently, 33 percent for the casino owners and 67 percent for the state of which almost 50 percent goes for education). Certainly, there should be some way to take perhaps 5 percent or more of Maryland's 67 percent and put that in an account that would be drawn from once a year to help balance the budget.
With the continued building of casinos and potential long-term profits, maybe we can actually eliminate or reduce some taxes (state income tax would be first on my list) and maybe even roll back our road and bridge tolls!
James Lutz, Lutherville