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MD Senate Approves Raising Estate Tax Exemption

March 24th, 2014 by WCBC Radio

The Maryland Senate on Thursday approved raising the exemption on the estate tax due to concerns that higher taxes are causing wealthy people to leave the state. The Senate voted 36-10 for the measure already approved by the House of Delegates, sending the bill to Governor Martin O'Malley, a Democrat. Supporters of increasing the exemption for the estate tax say the change is needed to prevent wealthy residents from leaving Maryland- while opponents questioned whether people really leave because of the estate tax..  A variety of Maryland taxes have been raised in recent years, including the income tax on people in higher tax brackets. Sen. Karen Montgomery, D-Montgomery, said she was concerned about growing disparities between the wealthy and the poor…





 

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