More than half a million Marylanders who earn $500,000 or less per year would see their income tax bills go up under Maryland Gov. Wes Moore’s proposed revenue plan. The governor’s plan would eliminate itemized deductions, double the standard deduction for all filers, and create new higher tax brackets for earners who make more than $500,000 per year and for those earning more than $1 million. Moore also proposed a 75 cent fee on deliveries from companies like Amazon and DoorDash; raising taxes on sports betting, table games and cannabis; and a 1 percent surcharge on capital gains for people making $350,000 or more.
Middle-income earners: Those who take advantage of itemized deductions in the existing tax system would likely see higher state income tax bills under Governor Moore’s proposal. About 1 in 4 taxpayers who made between $75,000 and $100,000 would pay $666 more on average, according to a Feb. 6 Bureau of Revenue Estimates report. And 1 in 3 who made between $100,001 and $200,000 would pay $877 more on average. Read More
