Among the stories: A rally to push for Blueprint for Maryland’s Future to be fully funded by the state was held by education advocates in Lawyers Mall, an editorial from the Baltimore Sun, and more.
Here are some examples of how the plan would affect different families. These are meant as examples only.
Please contact your tax professional about your family’s specific details.
Theresa is a 23-year-old single mom raising her 3-year old daughter while working full-time at the local fast food restaurant for a yearly salary of $25,000. She lives in rural Maryland with her mother.
IMPACT: Theresa would receive a $750 cash refund
Anna, 35 and Jason, 37 have been married 14 years. Anna drives a truck, Jason works part time as a classroom aide. They are raising two kids on a combined income of $102,000, and own their own home.
IMPACT: Anna and Jason would see no change in their taxes
Peter and Diane, 55 and 58, live in Baltimore County and are empty nesters. Peter is an executive with a Fortune 500 company, and has an annual income of $890,000 (including $90,000 in capital gains). They are able to claim $120,000 in itemized tax deductions.
IMPACT: Peter and Diane’s taxes would increase by $2,925, less than 1% of their income.
Sharon is a 45-year-old licensed practical nurse raising her 6-year-old son on a $61,000/year salary, and rents her house.
IMPACT: Sharon would receive $500 cash refund
Today these tax breaks are putting money back in the pockets of wealthy corporate executives and shareholders who might not even live in Maryland, instead of supporting the services Maryland families want and deserve. This is also unfair to our local small business owners who are paying their fair share of taxes while their big corporate competitors are hiring accountants and lawyers to avoid paying Maryland taxes.