ANNAPOLIS, Md. – Today, the Senate Budget & Tax Committee will hold a hearing on SB 461 – Retirement Tax Elimination Act of 2023, that would phase-out all retiree income taxes by 2028.
SB 461 builds on legislation passed last year that gives individual Marylanders making less than $100,000/year in retirement income a $1,000 subtraction off the income taxes they owe and married couples making $150,000 or less a $1750 subtraction.
While this effort was unanimously supported by Republicans, the General Assembly needs to do more and offer retirees a bigger financial incentive to stay in Maryland.
“Retirees play critical roles in our communities as volunteers and mentors,” said Senate Minority Leader Steve Hershey, the bill’s lead sponsor. “The rising cost of living is hitting Marylanders on a fixed income especially hard. It is disappointing that our retirees who have grown up, worked and raised a family in Maryland cannot afford to retire in their hometowns. If past is precedent, we will soon see them flee to our retirement-friendly neighbors unless we take action.”
The Senate Budget & Taxation Committee is scheduled to begin bill hearings at 1:00pm tomorrow. To watch the hearing and for the hearing order, click here.
Thousands of retirees are Feds that make more than $100k. You’ll have to do better than that. But, where will the lost revenue be made up? Increase in sales tax? Property taxes? That lost revenue will have to come from somewhere.
No lost money, we will have more money to spend
Good luck with that greedy bunch of democrats in Annapolis.
They will be able at make up any difference if not more on the weed sales tax that begins in July.
I’m sure these greedy dems will flush through the major revenue that Gov Hogan created before leaving office.
Time will tell with this new administration. 🤔
Why should retirees, a group who consume more public tax dollars than other other age group other than children, be allowed to live scot free? Workers and employers are already forced to support the health care and retirement income of retirees, now we should have to pay their taxes too? All while many of them sit around and whine about this state sucks?
I’m retired and I don’t get any benefits from the government and this state does suck.
So you don’t own a car or drive? You don’t want police, fire ambulance service? You don’t want the senior center to visit? You don’t want your grandkids educated? You don’t vote? You don’t use any form of public transport? You don’t use any form of government provided or subsidized medical care? If you feel this state sucks so much, you are free to move to any other state.
when we look at the MGA website\ Annapolis website + search for legislation, is there an easy way to tell whether theres a Constitutional Amendment to deal with , a CA on the horizon? CAs are not = to other bills + they shouldn’t be lumped in with the other bills. We could find out sooner + get a head start on the Constitutional Amendments, supporting it or defeating it if we easily knew, without doing research , if there were CAs to deal with.
a related but unrelated comment. An insulting comment. When you testify in Annapolis, its not like court when you put your hand up. So, how do we know Annapolis testimony is accurate, truthful? If something seems far- fetched in testimony, maybe it is. (That doesn’t sound right. Can she prove it? She doesn’t have to. )
They really need to help the retirees. They are not living “scott free” by no means. They have as many if not more bills than everyone else and a fixed income to do it with. If they leave, which MANY are, you are getting nothing from them. If they stay they are spending their money here. Helping the economy…..and more so than a lot of “free-loaders”. And I know this because I am now retired. And I need to go back work to pay for things because this state is so expensive. I like it here but we’ll see…..
Maryland continuously ranks in the top 10 WORST states for retirees. Taxes are the main driver of that equation. People will do what they need to do to preserve their income, especially once it becomes fixed. Higher income families spend more, which helps the economy they support. Maryland is rapidly becoming a state whose economy is driven by government(federal,state and local) jobs, and unionized (teachers) jobs. Not a good recipe for long term growth. High income families and retirees are leaving the state in droves, leaving a higher proportion of lower income families/retirees that do not contribute to the economy.
Actually most of your information is false. But you believe what you want to believe based on your source of propaganda…I mean “news”. MD retirees with less than $100k annual income now pay little or no income tax, your property taxes are capped, you are provided senior citizen pricing at most state run attractions or activities. 31% of Maryland governments expenditures go to provide health benefits to citizens—much of that to seniors.
You are so wrong, I make less than 100k retired and I pay TAXES.
You pay little or no MD State income tax…you pay less than everyone else on your property…you whine you have a fixed income when so does everyone else.