Martin O'Malley is the Governor of Maryland. He writes a regular blog for his official website.
Key Stats on Balanced Revenues
By Raquel Guillory, Director of Communications
After a productive Special Session, this morning, Governor O’Malley and the Presiding Officers signed a fiscally responsible budget into law that will support job creation and move us forward with a balanced approach. The budget is balanced with spending cuts, position reductions, modern investments and balanced revenues.
In analyzing the balanced revenues, we wanted to share this new report from the Institute on Taxation and Economy Policy.
Here are the key facts:
- 54 percent of the income tax revenue raised by SB1302 would come from the wealthiest 1 percent of state taxpayers—a group with an average income of nearly $1.6 million per year.
- 87 percent of the revenue would come from the top 5 percent of taxpayers.
- The changes in families’ income tax bills—even at the top of the income distribution—would be very modest. After considering the “federal offset” effect, the tax increase faced by the top 1 percent of taxpayers would equal just 0.16 percent of their total household income, and taxpayers outside of the top 1 percent would face an even smaller increase.
Also, check out our Chief of Staff’s testimony on how only 13% of Marylanders will face an income tax increase in 2012.
Martin O'Malley is the Governor of Maryland. He writes a regular blog for his official website.
Chuck Burton
9:42 am on Wednesday, May 23, 2012
Support job growth in the private sector by transfering more wealth to government? Yeeeaaah!
Lorna D. Rudnikas
12:07 pm on Wednesday, May 23, 2012
How very convenient to keep leaning on folks who pay, pay and pay to help citizens continue to support so many folks (including illegal immigrants) who pay nothing...and then present it to the citizens as a genius thought and accomplishment. Be ever so careful darlings, the well only runs so deep and then it runs dry!!!
David Maier
1:57 pm on Wednesday, May 23, 2012
The Joy of Maryland is that the sheeple keep voting for the same stuff time and time again. What is the definition of insanity???? Doing the same thing over and over again - expecting a different result! It just make you wonder if anyone is paying attention.
Buzz Beeler
3:23 pm on Wednesday, May 23, 2012
The White House seems to be turning a shade of gray. We are leading in a major category though - one the highest taxed states in the country,
When MD is truly the land of the free, they will come and spend our money.
David, the issue your are referring to is call OCD (Obsessive Compulsive Disorder) like hording the same group of politicians in a messed home house and senate. Another side of this illness is doing the same task repeatedly, like compulsive hand washing.
Chuck Burton
5:10 pm on Wednesday, May 23, 2012
Interesting thought, Buzz, that electing the same professional politicians over and over indicates a societal mental disorder. But just try to pass a constitutional amendment to limit them to one term... Yeah, just try...
Buzz Beeler
5:53 pm on Wednesday, May 23, 2012
Chuck I once heard a comment that I think sums up the truth of the matter, - get rid of of incumbents. except mine, or throw the bums out except my bum.
At this stage in our history, at least for now, the country is still right of center and more conservative than our governor. The world economy is headed for a global recession (something I predicted awhile back) and that does not bode well for the left, because they don't have the money to support all of the entitlements.
If O'malley takes to the national stage, he will have to deal with that chain around his neck. The market is falling like Facebook and the timing will have a huge impact on the election.
Just look to California and see where we are headed. The are $16 billion in the whole and counting. Their are only some many goodies to go around.
Chuck Burton
8:26 pm on Wednesday, May 23, 2012
So the professional politicians extort taxes (Extort : To obtain by force or intimidation) to use the money to buy votes to remain in office and power. Yes, they don't direcly buy votes, but they direct the expenditure of the money in ways that amount to the same thing.
DARRELL HAMMERBACKER
5:47 am on Thursday, May 24, 2012
You want Job Growth in Maryland?Get rid of Baltimore City,PrinceGeorges Co,MontgomeryCo,Martin OMalley,Michael Bush and Mike who ever Miller,then you'll see prosperity. Until you see this they will continue to suck our pockets dry to feed their Politcal base who contribute nothing to the State.
Eastsider
7:26 pm on Thursday, May 24, 2012
This guy has killed a city and now he has killed a state, please don't vote for this idiot if he runs for any other office hate to see what he would do to America.
Adam R
7:39 am on Friday, May 25, 2012
Its business as usual for MD Government: as politicians bury their heads in the sand, and then ask taxpayers for more money to get the sand out of your eyes, while telling us how great its going to be. I can tell you its not great to be a taxpayer in MD.
Buzz Beeler
4:54 pm on Friday, May 25, 2012
We must be getting to them their politicians. Just counted five blogs by the local governments posted.
We bloggers better get busy and make sure the spin doesn't make us dizzy. What was that famous movie line, - "The truth, you can't stand the truth!"
Buzz Beeler
11:24 am on Sunday, May 27, 2012
Watched O'Malley on "Meet the Press." My question is why is he busy focusing on the business of campaigning for the president (or his own agenda) when the state is in such trouble.
http://www.baltimoresun.com/business/bs-bz-maryland-help-20120527,0,3345788.story
He jumps on the Sparrows Point bailout issue for the photo-ops but now where is he? In New York on "Face the Nation."
Did I mention that 31% of mortgaged homes in the state are underwater.
He can deal with that on the flight back. I would be curious as to who is picking up the tab on these issues and before taking on other duties make sure you take care of business at home first.
Chuck Burton
2:04 pm on Sunday, May 27, 2012
Don't play the man down; he is one of the canniest politicians going, and has his sights firmly fixed 4 years from now, when he wants to succeed Obama. If he has to pauperize the people of MD so he can show the country his ability to keep the state in bucks, he will do it. Not that anyone can keep the country out of bankruptcy. If the Congress had to use GAAP methods it would already be in receivership. But who is going to be the receiver for this nation?
Steve
5:28 pm on Sunday, May 27, 2012
He was on "Meet the Press" and it is only 30 miles from Annapolis to DC.
Buzz Beeler
9:04 pm on Sunday, May 27, 2012
I stand corrected on the trip.
Steve
10:55 pm on Sunday, May 27, 2012
Great policing skills, Clouseau. Another case of "Ready! Shoot! Aim!"