Does Gov. Hogan Deserve to be Re-elected? Why are MD voters so apathetic? (Baltimore: crime rate, credit)

[North Beach Person]

Originally Posted by elizabeth224

Overall, I think he is trying to make changes to help. I know many Maryland retirees were hoping to see some type of tax break involving private pensions and IRA's but I can't see that happening. Even if he wanted to do something it would probably be opposed. I was so hopeful when he won, but after seeing the uphill battle with the legislative body I'm just frustrated. And tired of having so many retired friends move away.

That's not going to happen as long as people like Del. Jimmy Tarlau (D-Prince George's) are in the Legislature. He refers to taxes as "our money".

[bufflove]

Originally Posted by elizabeth224

Overall, I think he is trying to make changes to help. I know many Maryland retirees were hoping to see some type of tax break involving private pensions and IRA's but I can't see that happening. Even if he wanted to do something it would probably be opposed. I was so hopeful when he won, but after seeing the uphill battle with the legislative body I'm just frustrated. And tired of having so many retired friends move away.

I'm not anywhere near a retiree, so I might not be understanding the complaint. Questions:

Doesn't MD already offer a $30K/year pension exclusion? Is that less than most states, or something? MD also doesn't tax Social Security at all, right? Isn't that a major plus, compared to some states?

Why would you think you're entitled to not pay taxes on your traditional IRA withdrawals? That's pre-tax money; you absolutely should have to pay taxes when withdrawing. If, instead, you had put the money into a ROTH IRA, i.e. used post-tax money, then your withdrawals are tax-free, right? That's the entire point of the two different IRA options, unless I'm missing something.

[North Beach Person]

Originally Posted by bufflove

I'm not anywhere near a retiree, so I might not be understanding the complaint. Questions:

Doesn't MD already offer a $30K/year pension exclusion? Is that not good compared to other states (obviously there are some states that don't tax income at all and rely more heavily on property taxes, etc., instead)? MD also doesn't tax Social Security at all, right? Isn't that a major plus compared to some states?

Why would you think you're entitled to not pay taxes on your traditional IRA withdrawals? That's pre-tax money; you absolutely should have to pay taxes when withdrawing. If, instead, you had put the money into a ROTH IRA, i.e. used post-tax money, then your withdrawals are tax-free, right? That's the entire point of the distinction between the two different IRA options, unless I'm missing something.

No. Pensions are taxed. Certain retired military do have a pension exemption. Social Security is trickier since it is taxable at the federal level if it and any pension total more than, if I remember, somewhere in the mid-$20K for a single or $32K for a couple.

Maryland, for some very legitimate reasons, is considered retiree unfriendly. Some of that is income tax based, some property tax based (although I can make an argument that if you don't buy a million dollar house your property taxes aren't that out of line).

[bufflove]

Originally Posted by North Beach Person

No. Pensions are taxed. Certain retired military do have a pension exemption.

Gotcha - thanks. Do most states treat pensions differently than ordinary income? Or is the lure usually limited to states w/o income tax (FL, TX, etc.)?

[North Beach Person]

There

Originally Posted by bufflove

Gotcha - thanks. Do most states treat pensions differently than ordinary income? Or is the lure usually limited to states w/o income tax (FL, TX, etc.)?

Without income tax on pensions. PA is one such but property taxes there can hammer you if you don't pay attention. Maryland's income tax also progressive while some, again PA as an example, are a flat rate. There it's around 3.2% or thereabouts.

What stuns new people to Maryland, of any age, in regards to the income tax is they look at the common state rate (I think it's like 5%) and say, "That's not that bad" but know nothing about the Counties' piggyback rate which can kick that 5% up to 7.5% or 8%.

I did somewhat misstate about pensions. There is an exemption if you're 65 or disabled that tops out just under $30K. The reality is that most pensioners in the state, between federal retirement, military retirement or state retirement (although that's the worst one) get way more than $29K in pension.

[elizabeth224]

When we originally read about 29,900 in exemptions it sound great but then learned how it was calculated with IRA withdrawals and private pensions. Our taxadvisor helped explain it. It uses your retirement benefits minus SS amount for an exemption amount. I'm sure there is a better way to explain it For us, it did not result in more than a few thousand dollar deduction. Many surrounding states offer a set amount around 12,000.

I agree we need to pay taxes on money withdrawn from a private IRA. I never meant to suggest otherwise.

Like many others we are figuring all of this tax stuff out and it can be confusing!

[LoveToRow]

I'm afraid the only thing reasonable Marylanders can do is MOVE OUT. The nutjobs are too numerous and too powerful. The only reason Hogan won is that Brown was that bad. Time for another turn to the extreme moonbat left I'm sure.

[G1..]

Since the OP wanted to whine enough to start two threads .(//www.city-data.com/forum/washi...e-elected.html) with bthe exact same title.


Hogan has done nothing wrong to not deserve another term.Many ,many Democrats like him he has the ability to work both sides when the need be. Stop the whining.

[Quick Enough]

Originally Posted by NXNE

It seems as if Larry Hogan is all but assured of a victory next year and I can't for the life of me think of what he's done to deserve it. It seems like most Marylanders are fine with the status quo and will vote for Hogan just because he is a safe, inoffensive choice yet he hasn't really done much for this state. Some people I've talked to think he's made MD more competitive than VA in ruling jobs to the state but other than approving the Purple Line, his grandstanding on the Port Covington Amazon bid and some tax cuts, I don't really see how he can make MD compete with the powerhouse that is NOVA. I don't know where his so called pro-business credentials come from. In fact some of his policies like picking fights with Metro or cancelling Baltimore's red line subway in order to fund rural roads were few people live are counterproductive let alone his crazy plan to widen 270 to 6 or more lanes and introduce tolls. Meanwhile, the Democrat side seems to be incredibly crowded yet other than Ben Jelous, the PG Country leader and the lady who worked for Hillary, I have no idea who the rest of the candidates are. I'm also shocked by the huge amount of apathy I see among most people, especially working class voters. We definately won't see a race like the on they just had in Virginia, so what gives? Why is deep blue MD giving Hogan a free pass?

"It seems as if Larry Hogan is all but assured of a victory next year"

Any repub, even a Rino, is better then any dem.

[bufflove]

Originally Posted by Quick Enough

"It seems as if Larry Hogan is all but assured of a victory next year"

Any repub, even a Rino, is better then any dem.

Yeah, you're definitely not what's wrong w/America today (ditto for anyone equally ignorant and tribalist to say the inverse).