Annapolis, MD – Itemizing the negative impact of the Senate’s GOP tax plan on Maryland’s working families, today the Maryland Democratic Party released a fact sheet on the proposed legislation ahead of an expected vote this week.
“This week, Senate Republicans will vote on a tax giveaway for millionaires and corporations that hammers Maryland’s hardworking families,” said Maryland Democratic Party Chair Kathleen Matthews. “For months, Marylanders have begged Governor Hogan to stand with them against this unfair tax bill and for months, he has chosen to stand with his Washington Republicans over working Maryland families. Marylanders deserve a governor who will fight back against Washington Republicans who force working families to pay for billionaire tax cuts, not a governor who sits on the sidelines while his allies jack up his constituents’ taxes.”
Click here or see below to see the impact of the Senate Republican tax scam in Maryland:
Senate Tax Scam Sabotages Healthcare
Senate Republican’s tax bill would eliminate the individual mandate, which will leave13 million fewerAmericans with health insurance by 2027. The bill could also trigger more than $400 billion in Medicare cuts over ten years, including more than $7.5 billion in cuts in Maryland.
Senate Tax Scam Penalizes Home Ownership
Senate Republican’s tax proposal penalizes home ownership for Marylanders. In 2015, 46 percent of all Maryland taxpayers claimed the State and Local Tax (SALT) deduction, which would be eliminated by the Senate bill. As a result, more than 600,000 Maryland homeowners will see an average tax increase of more than $1,500 in 2019, and more than 800,000 Maryland homeowners would see an increase by 2027. Additionally, the plan will make the mortgage interest deduction less valuable for homeowners. If the Senate plan is enacted, it could make homeownership unreachable to many young families, and lower home values by as much as 5 percent, less than a decade after the 2008 financial crisis.
Senate Tax Scam Lavishes Gifts on Wealthy and Gives Scraps to Working Families
Under the Senate tax plan, Maryland families in the top 5 percent of earners will take home more 75 percent of all tax cuts in Maryland, while the remaining 95 percent of earners will receive less than 25 percent of all cuts.
Senate Tax Scam Harms K-12 Students
In addition to taxing Maryland workers’ twice on their income, the Senate’s proposal’s elimination of the SALT deduction would also rip more than $12 billion in federal education funding from Maryland students in the next 10 years. Provisions in the Senate plan could also lower home valuesby as much as 5 percent, which would impact local government’s ability to raise revenue to invest in public schools.
Senate Tax Scam Makes College More Expensive
Senate Republicans want to eliminate the student loan interest deduction, which punishes Marylanders for pursuing a higher education. In 2014, more than 200,000 Marylanders claimed the deduction to reduce their taxable income by an average of $1,100 dollars.