Jan 16, 2025 · Giving a tax cut to nearly two-thirds of Marylanders, targeting low and middle-income families; Expanding the child tax credit; Lowering the corporate tax rate so that more businesses locate and expand in Maryland; Doubles the standard deduction and consolidates the bottom four income tax brackets to simplify Maryland’s income tax

Jan 15, 2025 · The governor said his budget proposal includes income tax cuts such that 82% of taxpayers could see a tax cut or no change in tax obligations. Low-income households could see a $300 tax cut.

Jan 16, 2025 · By Emma Tufo and Jack Bowman. ANNAPOLIS – Gov. Wes Moore proposed a budget Wednesday that would raise income taxes for Maryland’s highest earners and advance a broader plan he calls his “growth agenda” for the state. Administration officials say that Moore’s budget plan is balanced and over time would reduce the state’s structural $3 billion deficit, in …

Jan 14, 2025 · On Tuesday, the governor announced plans to cut personal and corporate taxes while solving the fiscal crisis, making key economic investments and balancing the budget as required by law. “Maryland, if we grow, we win,” he said during the Tuesday afternoon event at the University of Maryland, College Park.

Jan 15, 2025 · According to Moore, the brunt of the tax increases will be shouldered by Marylanders with a household income north of $700,000 a year. In 2023, more than 18% of Maryland households were estimated to earn $200,000 or more a year, according to data from the U.S. Census Bureau.

Jan 16, 2025 · Governor Moore pointed out he does not believe you can cut or tax your way out of a fiscal crisis. His budget proposes a combination of both to set Maryland on what he believes to be the right...

Jan 16, 2025 · Gov. Wes Moore has announced significant budget cuts and has said he will hike taxes on the wealthiest residents to increase revenue. By law, Maryland must have a balanced budget and the...

Jan 15, 2025 · Under the plan, which requires approval by state lawmakers, Moore said nearly two-thirds of state residents would receive a tax cut, with relief targeted to low- and middle-income Marylanders, and 82% will either receive a tax cut or see no change.

Jan 16, 2025 · It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act as an incentive for taxpayers not to itemize deductions when filing their federal income taxes. (which, in tax year 2024, was $2,700 for single filers and $5,450 for married couples filing jointly), while also removing the standard deduction phase-in.

Jan 14, 2025 · On Tuesday, the governor said the state would not raise sales or property taxes for the third year in a row; instead, nearly two-thirds of Marylanders (66%) would get a tax cut. Sixteen...