“What's that you say?”
“I can't hearrrrr youuuuu!”
That is, in essence, what our state legislators have said to taxpayers in the state of Maryland. Basically, their message is: I can't hear you, and even if I did, I don't really care!
As previously mentioned in this column, the recently-released federal tax plan hits the taxpayers of high-taxed states such as Maryland particularly hard. It is estimated that, as a result of the federal tax plan, Maryland taxpayers will see an increase of approximately $400 million in state taxes owed for the 2018 tax year.
What to do, what to do, what to do? Well, the state legislature has apparently decided to spend it and not return it to the taxpayers who, if nothing is done, will see an associated increase in their state tax bill come April 15, 2019.
Using the 2014 Personal Statistics of Income from the Comptroller's table for itemized deductions, the average increase in state and local returns for Marylanders with an adjusted gross income of $150,000 or less would average about $1000 in additional state tax per return.