Today Maryland Governor O’Malley signed into law the final piece of the state’s major tax overhaul, an eighth tax rate and bracket on personal income.
“We see no record of any state having raised all three of its major tax rates in one fell swoop, but Maryland has done just that,” said Bill Ahern, referring to the hikes in the sales tax, the corporate income tax, and the personal income tax that received its final change today. The study is Tax Foundation Fiscal Fact, No. 124, “Maryland Flouts Regional Tax Competition with Historic Tax Hike.”
The study points out that middle-income people in Maryland were and still are paying higher income taxes than in any border state, and that in only five U.S. states—California, Hawaii, Iowa, Maine and Oregon—could a couple with $75,000 in taxable income be in a higher tax bracket than an average Maryland couple. The Maryland rate for middle-income workers is about 7.5 percent (4.75% state plus 2.73% local).
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