From Del. Glen Glass:
This week I’m sending you information on some of the taxes Governor O’Malley introduced as a “balanced approach”, many of which are aimed mostly at the middle class and small businesses.
These tax and fee increases are another burden placed on our citizens, many are out of work and just barely getting by. The $7.5 billion in “historic cuts” over the last six years really equates to Maryland’s budget growing by $1 billion or more every year since 2007 – a 25% increase, the largest in Maryland’s history and then……the toll increases!
In a recent poll, 96% of Marylanders believe they’re paying ENOUGH in taxes. It’s unbelievable when so many are struggling to make ends meet, that they would even think of subjecting Marylanders to this. You’ll hear the phrase “Thousandaires Tax”, which refers to individuals making over $100,000.00 or couples making over $150,000.00.
Reduction or elimination of exemptions and deductions on personal income taxes will affect many of our small businesses because 93% of Maryland’s businesses are LLC’s and business owners file their taxes as individuals. Of all the jobs in the state, 54% come from these very same businesses. For every additional dollar a business will have to pay in taxes and fees, that’s a dollar it doesn’t have to create a new job. Saddest of all, these regressive taxes will harm those who can afford them the least! Yet to come…the Gas Tax which will increase the price at the pump by 20 cents or more per gallon! Also, these budgets use taxpayer money to pay for abortions, which I oppose. Rest assured I will vote against this budget!
TAXES = $287.4 Million (As Proposed)
• Limiting Itemized Deductions on individuals making over $100K and couples making over $150K
• Limiting or eliminating the Personal Exemptions on individuals making over $100K and couples making over $150K
• Reducing the itemized mortgage deductions, charity deductions, and other state deductions on the state income tax for over 400,000 Marylanders.
• Doubling or maybe even tripling the “FLUSH TAX”
• Repeal Income Tax Credit Telecommunications Property Tax
• Requiring the collection of Recordation Taxes on Indemnity Mortgages
• Repeal Maryland-mined Coal Credit
• “Amazon Tax” – collection of sales tax on internet affiliate sites like Amazon
• Tobacco Products Tax (cigars, snuff and loose tobacco) — 70% Increase
• “App Tax” – sales tax on digital products (Apps, ITunes & Kindle Downloads)
• Eliminate exemption on precious metal, coins & bullion, a tax on investments
• Eliminate exemption on the resale of manufactured homes
Your Delegate and servant,
Previous years of taxes and fees
Tax increases in the 2011 REGULAR SESSION
• Vehicle titling tax doubled
• Vanity plate fees doubled
• Land recording fees doubled
• Birth certificate fees doubled
• Hospital tax increase
• Increase of premium tax on injured worker insurance fund
• Licensing fees for home improvement contractors increased
• Sales tax on alcohol increased by 50%
Tax increases in 2007 SPECIAL SESSION
• A 20% increase in the sales tax.
• Expansion of the 6% sales tax to computer services, was swapped for The “Millionaire’s Tax”
• Corporate income tax increase of 18%
• A 20% increase in the vehicle excise tax
• Vehicle titling fee increase of 117%
• Cigarette tax increase of 100%
• Income tax increases ranging from 5% to 16%, depending on your income