Here are some initial highlights from Governor O'Malley's FY 2013 Budget. As more information comes up we will keep you updated.
Teachers pensions are shifted to the Counties by 50%.
Cap Income Tax Deductions for Higher Earners - Capped at 90% for incomes above $100k Capped at 80% for incomes above $200k
Phase-out Exemptions for Higher Earners Exemptions reduced from $2,400 to $1,200 per person for singles $100-$125k and couples $150-175k Exemptions eliminated for singles above $125k and couples above $175k
Increasing the "Flush Tax." Possibly by tying the increase to consumption.
Governor's Budget Highlights
Increasing Tobacco Prices
Possible Internet Sales Tax