Apparently, the Democrats in Annapolis aren’t reading the Hotline.
A union-funded entity called the Maryland Fair Funding Coalition is running radio and TV ads promoting what they call the “Fair Share Plan,” which includes an entity-level tax on small businesses, raising the top individual income tax rate from 5.75% to 7% on regular income and 8% on capital gains, and slashing the estate tax exemption from $5 million to $1 million.
The plan’s authors explain this will stick it to rich white people: “The capital gains surtax, corporate tax reform, and millionaires’ estate tax all affect income gained from wealth rather than work. Because of structural barriers built into our economy, the bulk of household assets nationwide are controlled by a small number of wealthy, white households.”
Hello! There won’t be any rich left in the state to tax. Just ask New York.
Maryland is already way overtaxed. Only six states impose any sort of inheritance tax. Eleven others have an estate tax. Only one — Maryland — has both. Projections are for state spending to grow over 5 percent a year for the rest of this decade.
Pro-growth forces must fight against tax-the-rich schemes and propose long-overdue reforms in bloated state programs.