budget Archives - Page 14 of 14 - Baltimore Post-Examiner

Senate budget plan includes tax hikes for all, pension shift to counties

March 9, 2012March 12, 2012 Maryland Reporter

The Senate Budget and Tax Committee on Thursday sent a $35 billion budget to the full Senate that includes income tax increases for almost everyone and $600 million in ongoing spending cuts.

This fiscal 2013 spending plan includes a shift of teacher pension costs to county school boards, along with new requirements for county governments to fund public schools, allowing them to even disregard local property tax caps to do so.

Maryland Reporter

Maryland could have highest tax rates in US on certain tobacco products

March 8, 2012March 12, 2012 Maryland Reporter

The Senate Budget and Taxation Committee heard testimony Wednesday on a proposed tax hike on cigars and smokeless tobacco products that could reach as high as 95%, but would exempt premium cigars.

If passed, Maryland would have the highest tax rates on non-premium cigars and smokeless tobacco in the U.S., according to the Cigar Association of America.

Maryland Reporter

Slow growing economy reduces state revenue estimates

March 7, 2012March 12, 2012 Maryland Reporter

Because of lower-than-expected income tax revenues, the Board of Revenue Estimates lowered Maryland’s projected revenues for the coming year by $80 million, and Comptroller Peter Franchot warned against any policies that would impact individual taxpayers.