'Millionaire's tax' wins Md. Senate OK

[No Elephants]

'Millionaire's tax' wins Md. Senate OK

Published: March. 16, 2012 at 10:42 PM

ANNAPOLIS, Md., March 16 (UPI) -- The Maryland Senate has approved an increase in the state income tax rate on incomes of $500,000 or more a year, from the current 5.5 percent to 5.75 percent.

The state comptroller's office said the so-called "millionaire's tax," which would require approval from the House of Delegates, would affect about 15,0000 households, The Baltimore Sun reported.

A Sun analysis found someone making $500,000 and filing as an individual would pay $2,482 more in taxes, while joint fliers making that amount would pay at least $2,752 more.

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"You are taking a certain class and you are singling them out. It is not right and it is not fair," said Sen. Robert A. Zirkin, a Democrat.

The Senate also approved an increase in the state income tax for almost every Marylander by 0.15 to 0.25 percent, which would increase revenue about $415 million next year.

Read more: http://www.upi.com/Top_News/US/2012/03/16/Millionaires-...

Democrats dominate the Maryland Senate.

If you've been earning $500,000 a year for more than a few years and all you are is a millionaire, you need a budget and an investment advisor.

This is a multi-millionaire's tax of a " whopping" .25% and some Democrat is whining about it? I hope the 99% in Maryland take note.