Maryland's Tax Hikes: Business Burden & Budget Gap
Annapolis News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Maryland faces severe budget shortfalls, leading to a significant tax and fee increase. New sales tax on IT services, expanded unemployment insurance tax base, and capital gains surcharge are among the changes. Business owners, particularly small enterprises, express concerns about increased overhead and operational complexity. Marylands business tax climate ranks poorly, with high corporate rates affecting various sectors and hiring. New personal income tax brackets further strain businesses. Local governments also face revenue challenges, often shifting costs to commercial properties. Smart planning, such as updating forecasts and reviewing entity structures, is crucial to navigate these added burdens and maintain profits.
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