Just so you know, the tax package was passed in the General Assembly’s special session on Wednesday. The upper 14 percent of income earners in the state will pay more in taxes in 2012.
Maryland already boasts the nation’s highest income per capita (which is $34,849, by the way) , and now it will tie Washington, D.C. for fourth highest tax on the top bracket of earners. The consolation is that we’ve averted the storied “doomsday” budget.
According to The Washington Post, single and joint filers of six-figure incomes will see an increase in their marginal tax rate of anywhere from .25 to .75 percent.
It’s good, it’s bad, I don’t know. But the tax increase didn’t save the budget all by itself. Also passed was a measure to shift more responsibility to cover the costs of teacher pensions to the counties. Maybe next the counties will pass a measure to ask the cities to cover those pensions. And then the cities will just have a bake sale or something.