On Monday, the Maryland Senate voted 37-8 to pass a tax relief package that will save Marylanders $100 million a year when fully implemented. “This is an earth-shattering change in philosophy in Annapolis – actually having people keep more of their money; to helping working families and small businesses,” said Senator Ready (R-Carroll).
“Fundamental tax relief is something I’m very proud to fight for. It would not even be under discussion without the leadership of Governor Larry Hogan as well as strong advocacy from Republicans in the General Assembly,” Senator Ready concluded.
Highlights of the tax bill include lowering excessively high rates to taxpayers with adjusted gross income over $100,000 from 5.76% to 5.6%, those making less than $50,000 would save about $375 a year. Taxpayers in the middle brackets will receive higher personal exemptions.
Senate Bill 840 will now go over to the House of Delegates where it will be heard in the Ways and Means Committee. District 5 Delegates Krebs, Rose, and Shoemaker will strongly support this bill.