Annapolis, Md. – Today, House Republicans announced The Income Tax Relief Act of 2014, or HB 326, that will cut Maryland’s income tax rate by ten percent over the next three years. This across-the-board cut will bring much-needed tax relief to all Marylanders regardless of their income or tax bracket.
Since 2007, the O’Malley/Brown Administration has raised taxes, tolls and fees nearly 80 times while increasing overall government spending by $9.6 billion (or 32%) over the same time period. This oppressive tax climate is hurting Maryland’s families and forcing many of them to leave the state.
“According to IRS data, Maryland has lost more than $7 billion in adjusted gross income (AGI) as our citizens have migrated away from the Free State to Florida, North Carolina, Virginia, Pennsylvania and West Virginia,” said Delegate Andrew Serafini (Washington County), the bill’s lead sponsor. “Despite a common perception, it’s not just corporate executives or wealthy retirees with their big houses and private planes taking their money and fleeing the state. According to the IRS, the average annual income of the migrators is just over $50,000. They’re small business owners, working families, and young professionals that are no longer investing their time, talent, and dollars into our economy and communities.”
“Tax relief is a bi-partisan economic stimulus strategy,” said House Minority Leader Nicolaus Kipke. “Reagan, Kennedy, Clinton and even Obama, successfully used tax relief measures to stimulate economic growth. While it’s not all we should give back to taxpayers, it’s a responsible and realistic start, especially when Democratic Party leaders are considering increasing their own paychecks this year. It means a few more trips to the grocery store, paying a winter electric bill, going to a nicer restaurant for an anniversary dinner, and giving Marylanders a little breathing room.”
Click here for the official copy of the press release.