Maryland faces a big hole in next year's budget currently estimated at $1.5 billion. Sen. Rich Madaleno's office provided me estimates of how much money (in millions of dollars) some of the different ways we can raise the dough will net:
Raising the Top Tier Income Tax to 5% (from 4.75%)
FY2008: $162.5, FY2009: $325, FY2010: $341.2
Creating Top Income Tax Bracket of 6% (for incomes over $150,000)
FY2008: $175 , FY2009: $350 , FY2010: $367.5
Expanding Sales and Use Tax
FY2008: $313.1, FY2009: $657.4, FY2010: $690.3
Raising Sales and Use Tax to 6%
FY2008: $717.2, FY2009: $750.2, FY2010: $788.6
Raising Gas Tax by 12 Cents
FY2008: $390.2, FY2009: $394.6, FY2010: $399.2
Expanding Sales and Use Tax to Gasoline
FY2008: $449.5, FY2009: $440.1, FY2010: $439.7
Raising Corporate Income Tax Rate to 8% (from 7%)
FY2008: $62.5, FY2009: $125, FY2010: $125
Combined Income Tax Reporting for Business
FY2008: $12.5, FY2009: $25, FY2010: $25
Raising Property Tax (to 13 cents from 11.2 per $100)
FY2008: $100-124, FY2009: $100-124, FY2010: $100-124
Raising Tobacco Tax by $1
FY2008: $206.4, FY2009: $161, FY2010: $157
Doubling of Alcohol Tax Rates
FY2008: $28, FY2009: $28.6, FY2010: $29.1
Slots (Based on 15,500 machines in 7 locations)
FY2008: $0, FY2009: $16.5, FY2010: $412.6, FY2011: $807.4
Slots (Based on 9,500 machines in 4 locations)
FY2008: $0, FY2009: $1.1, FY2010: $109.7, FY2011: $337.3
So which combo platter would you like to order? Anyone have suggestions for budget items to cut and how much money it would save?
Monday, June 25, 2007
Let's Get Fiscal
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5 comments:
Raising the gasoline tax will put an unnecessary burden on the poor and disabled who can not use public transportaion due to their work schedule or disability.
Perhaps if we were to tax the salaries of those elected officials who increase spending and taxes, by 25% they would find an alternative way to raise the revenue or cut spending.
Why would slots be the answer?
I am against raising taxes altogether. Make some hard decision and cut redundant or underutilized services. This is why you were elected. Bring in the slots at the racetracks. Be creative. Raising the gas tax hurts everybody everyday. Raising the tax rates on businesses could drive those businesses to a more friendly state. Repeal the living wage bill. That will have the net effect of raising the expenditures of the state. Have the market pay what the market will bear.
Agree with anonymous.
Raising taxes is hard for me to digest considering my current tax burden. MD voters don't have infinite resources and it's incumbent on our elected officials to make some hard choices and take another look at programs that are of limited benefit to the broader taxpaying public.
I'd like a nice raise to cover all my good/bad spending habits, but reality dictates otherwise.
Agree with anonymous.
Raising taxes is hard for me to digest considering my current tax burden. MD voters don't have infinite resources and it's incumbent on our elected officials to make some hard choices and take another look at programs that are of limited benefit to the broader taxpaying public.
I'd like a nice raise to cover all my good/bad spending habits, but reality dictates otherwise.
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