New Year Begins With Tax Increases for Maryland
posted 5:08 pm Tue January 01, 2008 - Annapolis, Md.
The vehicle titling tax also is going up from 5 to 6 percent, and the corporate income tax will rise from 7 percent to 8.25 percent. Other taxes, including a jump in the sales tax from 5 to 6 percent also are going up this week. Together, all the new tax increases amount to more than $1.3 billion - the result of a three-week special session of the General Assembly aimed at getting new revenue on the books to pay for a projected deficit.
Three new income tax brackets affect single filers who earn more than $150,000 and joint filers who make more than $200,000 with new rates between 5 percent and 5.5 percent.While New Year's Day marks the start of most of the new taxes, more increases are just days away. On Thursday, the state's sales tax goes up from 5 percent to 6 percent and a tax on electronic bingo and tip jars in parts of western Maryland also will kick in.
Latest Comment on New Year Begins With Tax Increases for Maryland
markbono1
7:27 am on 01/03/08
Isn't great that the Democrat governor raised taxes on the poor. Well at least he doesn't like or know Bush. so he must be a good governor. This is why you voted for him right? Enjoy your new tax increases.
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