Regardless of whether the president and Congress strike a deal or take the nation headfirst over the "fiscal cliff," federal taxes for some Marylanders will increase next year — and under some scenarios the pain could be worse than in other states.
For the first time since a recession gripped the country in 2008, Maryland is approaching a General Assembly session with good news about its operating budget: Neither tax increases nor drastic budget cuts are likely to be needed.
No, the truth is that current attempts to "redistribute wealth," no matter how they are spun or advertised, are largely serving to penalize success, encourage dependency and create a welfare society in which the "safety net" for those who can't help themselves is increasingly becoming a net of entrapment and entitlement for those who can. The numbers simply don't lie.
A Maryland family making more than $175,000 will pay at least $254 more in income taxes this year under a revenue-raising plan the Maryland General Assembly is expected to take up when they convene for special session on Monday.
A lengthy roster of high-profile bills remains unresolved as the General Assembly begins what is supposed to be the final day of its 2012 session , including offshore wind power and the future of gambling in Maryland. But foremost, lawmakers are coming in Monday hoping they can pass a budget.
A plan adopted by the Maryland Senate may be unique among the 50 states in how it would handle income taxes for high earners, and it would violate the principle that a dollar earned should not cost more than a dollar in taxes.
The state Senate voted Thursday to significantly raise taxes on Marylanders earning half a million dollars or more — prompting complaints that liberals were bent on launching class warfare in the state.
Gov. Martin O'Malley issued a rousing call for an aggressive program to invest in jobs and honor "human dignity" for families – whether the parents are gay or straight – in an upbeat State of the State Address Wednesday.