Maryland Personal Income Tax Increase (Bethesda: apartment, credit, to live in)

[Cruzincat]

Originally Posted by selhars

Hopefully that's 100-thou of NET taxable income -- after deductions.,,,not gross AGI.

Fortunately I can work over time where Iwork -- and TOO MUCH of it will take me over 100-thou gross. I'll just do the additional math needed to see whether it's better to stay UNDER 100-thou -- or how much over I need to make to make it worth my while to go over and not lose out in taxes.

Most graduated taxes apply to just the amount that exceeds the trigger level. IOW, you don't pay an increased amount on the total income if you make $1,000 more than the trigger level. You would only pay the increased tax on $1,000. You don't usually realize this because you get your tax amount due from tables based on the income. It has already been calculated as such before it is inserted into the tables.

[dkf747]

We live in Maryland because there is no place in NoVa that has what we have. We have good access to Metro or to 270 or the ICC, have our kids in great schools, and our rent for our 3 bedroom accessible apartment is very reasonable. I have looked and looked and looked for something comparable in NoVa and there is nothing that fits all of those needs like we have in Maryland. Taxes are a little higher but not high enough to scare me away. Yet.

[vicnice]

Originally Posted by adelphi_sky

First, the only one comparing MD to NOVA is YOU. Second, it's absurd to think that someone doesn't want to live or shouldn't live in MD because NOVA has more jobs. Last time I checked, Maryland has a good job market. Maryland doesn't have to be NOVA to support it's citizens. It does rather fine with close proximity to D.C. and even Philly for that matter. Third, Maryland has more employers than just government if you hadn't noticed or care to.

I live in MD and will never wish to work in NOVA. I worked in Ashburn after working in D.C. But my same company has many offices in MD also. So, why would I be dying to live in VA when I have a 10 minute commute.

And by the way, I've done job searches online. Plenty of job openings in MD. So, where is this love affair with NOVA coming from? I'll take less traffic and more diversity any day.

This isn't about comparing to NOVA, this is about picking a nice location to live and work without the state government taking to much of a fair share. My point is that NOVA is simply providing a better option (as others have already stated). MD needs to get its finances under control, this is not the time to be jacking up taxes on families.

MD has real problems (hence the thread and the article) and diversity issues (am I imagining the MoCo vs PG thing) I do not think MD is doing fine, in fact it's doing a pretty poor job of managing it's finances (hence the taxes and new speed banks....Imean cameras). Glad to see that you think things are fine and work is plentiful here in MD.

Reminds me of that quote: Romney doesn't know any NASCAR drivers but he does know team owners....and it's a fun sport.

[vicnice]

Originally Posted by dkf747

We live in Maryland because there is no place in NoVa that has what we have. We have good access to Metro or to 270 or the ICC, have our kids in great schools, and our rent for our 3 bedroom accessible apartment is very reasonable. I have looked and looked and looked for something comparable in NoVa and there is nothing that fits all of those needs like we have in Maryland. Taxes are a little higher but not high enough to scare me away. Yet.

My question is do the two offset. Example: you make 100K, and you will pay about $3-400 per month extra in MD taxes......are apartments in DC / VA costing 3-400 more?

I looked at downtown Bethesda and the prices are exactly the same (if not more) than downtown Arlington. Where are you in MD and where were you looking in VA? (Just curious)

[dkf747]

Originally Posted by vicnice

My question is do the two offset. Example: you make 100K, and you will pay about $3-400 per month extra in MD taxes......are apartments in DC / VA costing 3-400 more?

I looked at downtown Bethesda and the prices are exactly the same (if not more) than downtown Arlington. Where are you in MD and where were you looking in VA? (Just curious)

I don't make anywhere near $100K. It's a little more than half of that. Taxes in Maryland have been real low for me the past few years. I get the Earned Income Credit, which Montgomery matched until about two years ago, now it's a percentage of the Earned Income Credit. It's nice to get that check each summer. The apartment I live in is an income restricted apartment in the Gaithersburg area. I have a nearby bus route that takes 5 minutes to get to Metro.

I have looked everywhere in NoVa. There were only two possible matches to what I have now. One in Springfield, which is a short walk to Metro, but the area isn't very nice. I nearly went for it, but there is a 2 year waiting list to get in. The other reason I dropped that one is that my kids are in a better school here than the one they would have been in there. The other location was in Ashburn. That place was really nice. The only thing stopping me was the lack of Metro. They do plan Metro, but it's sounding like it might not get built that far out any time soon. I need it now, so Gaithersburg won this one for me. There were possibilities in South Arlington, but the schools they would have been going to weren't better than where they are now.

Disclosure: I need an apartment with wheelchair access and three bedrooms, due to family size. This severely limits my options.

Disclosure 2: I used to live in NoVa. My wife works there still.

[Cruzincat]

Originally Posted by vicnice

This isn't about comparing to NOVA, this is about picking a nice location to live and work without the state government taking to much of a fair share. My point is that NOVA is simply providing a better option (as others have already stated). MD needs to get its finances under control, this is not the time to be jacking up taxes on families.

MD has real problems (hence the thread and the article) and diversity issues (am I imagining the MoCo vs PG thing) I do not think MD is doing fine, in fact it's doing a pretty poor job of managing it's finances (hence the taxes and new speed banks....Imean cameras). Glad to see that you think things are fine and work is plentiful here in MD.

Reminds me of that quote: Romney doesn't know any NASCAR drivers but he does know team owners....and it's a fun sport.

O'Malley knows exactly what he is doing. He did it to Baltimore and now he is trying to do it to Maryland. He does not care if Maryland's finances are in order. He wants to drive out the successful producers so his party can stay in power forever. Google "Curley Effect" and you will see what I mean. He does not even care if the people that vote for him are hurt by his actions, as long as they keep voting for him. As long as they think he is soaking the rich and spreading it around, they will vote Democratic and the producers, who might vote otherwise, will continue to leave Maryland. It worked in Boston, Detroit and Baltimore. It will probably work in Maryland.

[EdwardA]

Originally Posted by Cruzincat

O'Malley knows exactly what he is doing. He did it to Baltimore and now he is trying to do it to Maryland. He does not care if Maryland's finances are in order. He wants to drive out the successful producers so his party can stay in power forever. Google "Curley Effect" and you will see what I mean. He does not even care if the people that vote for him are hurt by his actions, as long as they keep voting for him. As long as they think he is soaking the rich and spreading it around, they will vote Democratic and the producers, who might vote otherwise, will continue to leave Maryland. It worked in Boston, Detroit and Baltimore. It will probably work in Maryland.

I'm familiar with the Curley Effect however it has been practiced in Baltimore for about 50 years now. It's not O'Malley's doing he's just an active participant.

[Cruzincat]

Originally Posted by EdwardA

I'm familiar with the Curley Effect however it has been practiced in Baltimore for about 50 years now. It's not O'Malley's doing he's just an active participant.

But he seems to be the first to attempt it on a statewide basis.

[selhars]

Most graduated taxes apply to just the amount that exceeds the trigger level. IOW, you don't pay an increased amount on the total income if you make $1,000 more than the trigger level. You would only pay the increased tax on $1,000.

Yes you're likely right. I forgot about that. Whew. Even so it makes it LESS worth it to work more time to go over that higher tax threshhold. I just hear 'taxes are going up' and all I can think about is the gov digging farther down into my pocket

[North Beach Person]

If you live in an incorporated municipality and have a Tax Differential on your County Real Estate taxes for that, just wait until your County Commissioners/Council get rid of it. There's rumblings of that here which means the County taxes for residents of the two municipalities will increase by around 30%.

The above is a result of the teacher pension funding shift.