January 30th, 2018 by WCBC Radio
Unless state leaders step in, more than a quarter of Maryland taxpayers will owe more in state and local taxes because of the federal income tax cuts — a cost of more than $400 million next year, according to an analysis unveiled last week by Comptroller Peter Franchot. Franchot’s report says the federal reforms would not affect about 69 percent of Maryland state tax bills, while increasing 28 percent and lowering 4 percent of bills. Meanwhile, more than 70 percent of Marylanders are expected to see an average of $1,700 in cuts to their federal tax bills — a total savings of $3.5 billion for state taxpayers…
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