Tax Foundation Testifies on Maryland Tax Bills
March 4, 2010
Tax Foundation Economist Kail Padgitt, Ph.D., is testifying before Maryland’s House Ways and Means Committee at 1 p.m. today on four pieces of legislation:
- HB 238, the Taxpayer Protection Act, would index state personal income tax brackets based on the annual change to the Consumer Price Index, creating stability within the tax code in terms of economic purchasing power and preventing “bracket creep.”
- HB 300, the Fairness in Taxation for Retirees Act, would equalize the way the tax code treats retirement income from pensions and non-pension plans.
- HB 312, the Family Property Protection Act, would recouple Maryland’s estate tax with increases in the federal estate tax exclusion, reducing compliance costs associated with the tax.
- HB 366, the Homeowners’ Property Tax Assessment Cap Reduction, would cap annual state property tax assessment increases at 5 percent instead of 10 percent, which would give a tax cut to people whose property appreciates rapidly.