taxes | WYPR

taxes

Rachel Baye

Maryland residents are expected to save nearly $3 billion on their federal income taxes in 2018 as a result of the new federal tax law, according to a report state Comptroller Peter Franchot released Thursday. But residents will likely lose at least $400 million in state and local income taxes, unless lawmakers act to prevent it.

Franchot’s office estimates that between a quarter and a third of state taxpayers could pay more state and local income taxes.

Rachel Baye

Maryland state income tax bills could grow by more than $400 million under the new federal tax law, according to an analysis Comptroller Peter Franchot released Thursday.

According to the report, between a quarter and a third of Maryland taxpayers could pay more state and local income taxes.

Rachel Baye

Because of the way Maryland’s tax laws are written, recent changes in federal tax law could lead to sharp increases in state taxpayers’ bills. The governor and leaders of the state legislature all say they plan to look for a way to cushion that blow, and the Democrats in the legislature revealed at a press conference Tuesday how they plan to do that.

Rachel Baye

As lawmakers prepare to return to Annapolis Wednesday for the start of the General Assembly’s annual 90-day session, they are gearing up for fights on topics such as taxes, health insurance and Baltimore’s record-level of violence.

Rachel Baye

Gov. Larry Hogan signed more than 100 bills into law Tuesday morning at a ceremony with House Speaker Michael Busch and Senate President Mike Miller.

Rachel Baye / WYPR

State lawmakers voted Tuesday to approve a $20 million incentive for aerospace and defense giant Northrop Grumman. The money is intended to motivate the company to keep 10,000 jobs in Maryland and spend $100 million on new office space in Linthicum.

A new report by national nonprofit, the Corporation for Enterprise Development, finds that more than half of Baltimore families are “financially vulnerable.” This means a sudden job loss or medical emergency could knock them below the poverty line. Furthermore, half of the city’s households struggle to borrow money affordably, so they risk becoming trapped in debt by high interest rates. Arohi Pathek from CFED helps us compare this snapshot of Baltimore to Maryland’s overall picture. Plus, Sara Johnson, director of the Baltimore CASH Campaign, lays out policies with the potential to help low-income families - including ways to give them recognition for paying their bills on time.