ANNAPOLIS, Md. (WBFF) — A national taxpayer advocate warned that Maryland Gov. Wes Moore’s tax plan could significantly affect the state’s middle class despite its purported focus on the wealthy.
Pete Sepp, president of the National Taxpayers Union, told Spotlight on Maryland that the Maryland General Assembly should reject the governor’s income tax restructuring plan.
It would be easy to accept the narrative that only the wealthiest taxpayers in Maryland are going to pay more while everyone else gets a break,” Sepp said. “[I]t’s much more complicated than that.”
Sepp said that the middle class typically bears a notable burden of tax increases imposed by local and state governments. According to data from GOBankingRates, Maryland residents are considered to be in the middle class if their annual income is between $65,641 and $196,922.
A report from the Maryland Bureau of Revenue Estimates (MBRE), published by the Comptroller’s office, showed that nearly one in four households earning between $75,000 and $100,000 would face an average tax increase of approximately $666 under Gov. Moore’s proposed income tax plan.
Report data also shows that approximately 47.1% of the state’s new income tax revenue will come from taxpayers and households with a federally adjusted gross income below $500,000. The governor’s plan also calls for a 1% capital gains surcharge on households making more than $350,000.
Maryland’s single taxpayers or households with a federally adjusted gross income above $1 million will bear the highest income tax increases, according to MBRE data. This will be followed by households earning between $200,001 and $500,000. Middle-class households with incomes between $100,001 and $200,000 will average the third-highest revenue generation under the governor’s new plan.
Don’t tax me out of my house !!!!
This POS has just got to go. Come on election time so we can throw this tax happy worthless turd out!!!