BLOG: Think This Will Stimulate the Economy?
I know this may or may not be new to some of you that read this, but I just came across this recently. Seems like the state legislature wants to encourage the local economy by taxing any progress in the real estate industry. I wrote a blog about the article I read the other day. When will our elected officials get a clue as to why our economy is not recovering as quickly as the rest of the country? Foreclosures are higher than the rest of the country because of a government program aimed at stemming foreclosures. Kind of ironic, isn't it?
AG
11:25 am on Thursday, October 11, 2012
From the CATO Institute: Martin O’Malley has been in politics his entire career, and he has long supported an expansionary approach to government. In his first year as governor, O’Malley signed a $1.4 billion package of tax increases. It included increases in corporate taxes, personal income taxes, sales taxes, and cigarette taxes. O’Malley has been at it again recently, approving increases in income taxes, alcohol taxes, hospital taxes, and tobacco taxes during 2011 and 2012. For singles earning more than $100,000 and couples earning more than $150,000, the top income tax rate was raised to 5.75 percent. Local taxes in Maryland bring the total top income tax rate to 8.95 percent. O’Malley’s legislation also reduced personal exemptions under the income tax. Higher taxes are fueling higher spending in Maryland.
The general fund budget jumped more than 13 percent in fiscal 2012.
Otto Schmidlap
9:38 am on Saturday, October 13, 2012
It takes a lot of our money to enable Martyboy and his ilk to buy votes.