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Gov. O'Malley's 2013 State Budget

January 18, 2012 J

Here are some initial highlights from Governor O’Malley’s FY 2013 Budget. As more information comes up we will keep you updated.

The budget is increased by $1 billion or 3%.

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

Gov. O’Malley’s budget highlights. O’Malley defends tax hike on high earners.

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