Let's just take a look at what they have helped to accomplish:
- 120% increase in motor vehicle title registration fee
- 100% increase in cigarette tax
- 20% increase in sales tax (5 cents to 6 cents)
- Expansion of sales tax to computer services (estimated to raise $200 million per year)
- 20% increase in car titling tax (limited relief granted by trade-in allowance)
- 20% tax on net proceeds for electronic bingo and tip jar amusements (an entirely new tax)
- 18% increase in corporate income tax rate
- Increases in personal income tax rates for wage earners under graduated tax brackets (highest wage earners face 16% increase)
- New transfer tax on real estate transfers of “controlling interests”
What does this mean to me? It will mean:
(1) I will do more of my shopping in Delaware -- which has no taxes -- and will help to generate less money into Maryland's coffers; and,
(2) it will make me think long and hard about an increase in my giving to the parish and the Archdiocese this year. You see, each year I try to increase my giving in relation to inflation. I believe that if I give one dollar a week this year, that I should increase it next year by X amount.
What does this mean to you? You get to keep less of your money. Not only do you have to pay more in taxes, businesses will simply pass along the cost of these increases to you. As my dad says: "You pay, no matter which way you turn."
Think of it as an early Christmas gift from the MCC and Gov. O'Malley.
Nice job Mr. Dowling, nice job.