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Potomac's 'One Percent' Could Start Paying .25 Percent More In Taxes

A measure recently passed by the House Ways and Means committee would increase the tax rate for those earning $100K or more.

 

Potomac residents could see higher tax rates and fewer exemptions next tax season, if a new proposal passes through the Maryland House of Delegates.

The Maryland House Ways and Means committee recently approved an income tax plan that would raise rates and reduce exemptions for residents earning more than $100,000 annually.

The changes would increase tax rates by 0.25 percent for single tax payers earning $100,001 or more in a year and for couples earning $150,001 or more, according to a Washington Examiner report.

And with Potomac, MD, , the 20854 zip code stands as one of the top four richest areas in the nation -- let alone Maryland.

Republican Del. Andrew Serafini of Washington County disagreed with the measure, saying it places a greater tax burden on residents who already supply the majority of the state's revenue.

"Right now in Maryland, the top 10 percent of taxpayers already pay 53 percent of the total revenues collected by the state," he told the Examiner. "How do we say to these people, 'We think you should pay more.' "

The committee passed the House plan, which included several other measures, with a 14-6 vote on Monday. The changes are part of a larger effort to fill a $1.1 billion budget gap in the fiscal 2013 budget.

 

What do you think of the proposed measures? Do you think the changes are fair? Tell us in the comments!




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