As California continues it’s spending ways they have realized a new $16 Billion deficit and are turning back to higher taxes on those who have not yet moved.
AP, ‘MD Senate OKs income tax increase for high-earners’: “The Maryland Senate voted Tuesday to increase state income taxes on individuals who make more than $100,000 a year in taxable income and couples who earn more than $150,000 and to start shifting some teacher pension costs to local governments over four years. …
The Senate approved a budget reconciliation measure on a 33-13 vote, mostly along party lines. The Senate approved the income tax increase on a 27-19 vote with a handful of Democratic defections. The Senate votes sent the measures to the House of Delegates, which advanced the budget package toward a likely Wednesday vote in that chamber. The House, which rejected amendments to the measures, could wrap up the session Wednesday if no changes are made to the legislation.
Democratic Gov. Martin O’Malley called the special session to avert about $500 million in cuts that the General Assembly approved after lawmakers failed to pass a tax package last month by the regular-session deadline.”
The latest we heard was an effort to eliminate all deductions at these income levels and leave rates as they are.
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Posted on May 16, 2012
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