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U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

( Wall Street Journal ) Banks are lending to companies and individuals at the fast...

Maryland's Son of Obama

Wall Street Journal Opinion:

Most states have improved their financial condition coming out of the recession and so new taxes are generally off the table this year. Then there's Maryland. Here's another case of a failed tax increase on "millionaires."

Democratic Governor Martin O'Malley has acknowledged another $1.1 billion deficit for 2013 thanks to a $35.9 billion budget with about $400 million for new school construction, roads and transit. To close the budget gap and help plug a $16 billion unfunded liability in public-employee pensions, Mr. O'Malley is seeking to raise $180 million by reducing income-tax deductions and exemptions for those earning more than $100,000. This is Maryland's new definition of "rich."

Mr. O'Malley also wants to raise taxes on tobacco, nursing homes, Internet sales, water and sewers. One of his biggest revenue grabs is a proposal to apply the 6% state sales tax to gasoline, which over three years could raise the tax by 18 to 24 cents a gallon, up from 23.5 cents now.

If tax increases solved budget problems, Maryland would already be sitting on a mountain of cash. In 2007 Mr. O'Malley signed a "millionaire surtax" raising the tax rate to 6.25% on income of $1 million or more and to 5.5% on more than $500,000, up from 4.75%. Maryland cities impose piggyback income taxes of up to 3.5%, so the effective tax rate in Maryland soared to 9.75% in places like Baltimore. ... continued...

" Friends and neighbors complain that taxes are indeed very heavy, and if those laid on by the government were the only ones we had to pay, we might the more easily discharge them; but we have many others, and much more grievous to some of us. We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly. "

-- Benjamin Franklin

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