ITEP’s Testimony Before the MD House Ways & Means Committee on Preserving Maryland’s “Millionaires’ Tax”

My testimony today focuses on Senate Bill 913, which would temporarily extend, through 2014, the “millionaires’ tax” that is currently scheduled to expire at the end of 2010. This testimony emphasizes that the “millionaires’ tax” makes Maryland’s tax system at least somewhat less unfair than it otherwise would be; that claims about the negative impact of the tax are unfounded; and that allowing the tax to expire would result in a substantial federal tax increase for upper-income Marylanders.

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