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Monday, December 31, 2007

Md.'s New Year Begins With Tax Increases; List of New Md. Taxes Going Into Effect

(Posted 31 Dec 2007)
Maryland's New Year Begins with Tax Increases.
wtopnews.com, 31 Dec 2007 (Witte, AP).

List of New Md. Taxes Going Into Effect.
wtopnews.com, 31 Dec 2007 (AP).
November's special session resulted in a variety of tax increases to address a $1.7 billion budget deficit, find $400 million in additional money for transportation and expand health coverage to about 100,000 uninsured Maryland residents. Here's a list of tax changes taking effect on Jan. 1.

INCOME TAX BRACKETS

While people who earn between $3,001 and $150,000 will continue paying a 4.75 percent rate on their income taxes, three new tax brackets will are taking effect for people who make more than $150,000. The new brackets are:

_ a 5 percent rate for single filers who make between than $150,001 and $300,000 and joint filers who make more than $200,001 and $350,000.

_ a 5.25 percent rate for singles making between $300,001 and $500,000 and joint filers making between $350,001 and $500,000.

_ 5.5 percent rate for singles and joint filers making more than $500,000.

PERSONAL TAX EXEMPTIONS

Increases personal exemptions from $2,400 to $3,200 for low and middle-income residents.

TOBACCO TAX:

The state's tobacco tax will rise from $1 a pack to $2 a pack.

TITLING TAX: The vehicle titling tax rises from 5 to 6 percent with full trade-in allowances.

CORPORATE INCOME TAX:

The corporate income tax will rise from 7 percent to 8.25 percent.

Tax increases taking effect Jan. 3:

SALES TAX:

Maryland's sales tax will rise from 5 percent to 6 percent.

BINGO TAX

A state admissions and amusement tax will be applied to net proceeds from bingo games and tip jars.

Tax increases taking effect July 1:

SALES TAX-COMPUTERS

The sales tax is slated to be extended to computer services. The computer services that will be affected include support services for computer systems or data processing facilities, custom computer programming, consulting services regarding computer systems design, and computer disaster recovery services.
PG Taxers. The senators and delegates who voted for this generally very regressive, largest tax increase in Maryland history. These are the folks about to convene in Annapolis and go on another uncontrolled spending spree with the money they are stealing from us.
PermaLink: 12/31/2007
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