« Another sign that things may be returning to normal | Main | Bear market image of the day »
The Tax Foundation is out with its latest state-by-state tax rankings. Maryland does poorly. Thanks to last year's tax increases, Maryland fell from 24th to 45th. And now it's dead last in personal income taxes. Today's column refers to the study.
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.
Comments
Jay,
How do you reconcile the Tax Foundations's findings with those of the KPMG study featured in a recent Maryland Daily record article?
Are Maryland's tax policies business friendly?
Delegate Alfred Carr
Posted by: Delegate Alfred Carr | October 22, 2008 2:41 PM
There is more than one study of taxes in Maryland to consider.
The share of state and local taxes paid by business in Maryland is the lowest in the country. Every year, the Council on State Taxation (COST) issues a report prepared by Ernst & Young that compares the amounts that the business sector pays in various taxes (income, property, sales, etc.) to each of the states and the District of Columbia.
The COST report for FY 2006 says that the share of state and local taxes paid by business was 36.1% in Maryland. Businesses paid $9.4 billion out of $25.9 billion in state and local taxes in Maryland.
By contrast, in 2006, the average share paid by business in the four states touching Maryland plus the District of Columbia was 42.2 percent. The national average was 44.9 percent.
Posted by: Dick Strombotne | October 25, 2008 2:47 PM