March 10, 2004

ITEP Testimony on Maryland Tax Reform Options


My testimony today focuses on two revenue-raising tax bills introduced in the Maryland House of Delegates: HB 1061, the “Millionaire’s Tax Surcharge,” and HB 1306, the “Maryland Progressive Income Tax Reform Act of 2004.” In particular, my testimony will discuss the impact of each bill on the fairness of the Maryland tax system, and will also evaluate the impact of these bills on Maryland income tax revenues. Each of these bills would result in a progressive tax increase affecting only a small number of the wealthiest Maryland residents, and would make the overall Maryland tax system more equitable.

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