Md. passes income tax hike on six-figure earners [View all]
Source: Washington Post
More than 300,000 Maryland residents will pay higher income taxes under a package given final approval by the legislature Wednesday.
The tax increase affects single-filers reporting income in excess of $100,000 and joint-filers reporting more than $150,000 in Maryland, the state with the nation’s highest per-capita income.
Democratic lawmakers closed ranks behind Gov. Martin O’Malley (D), who argued that his administration needed more money to continue record spending on education.
O’Malley’s tax increases — combined with a move the legislature supported to shift teacher pension costs to counties — will close half of a $1 billion gap that had been forecast for the rest of the decade.
Read more: http://www.washingtonpost.com/local/md-politics/md-passes-income-tax-hike-on-six-figure-earners/2012/05/16/gIQAfPutUU_singlePage.html
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