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Tax Revenues

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NEWS
By Thomas W. Waldron and Thomas W. Waldron,Evening Sun Staff | December 7, 1990
State tax revenues are downright lethargic in every area of Maryland's economy, according to the latest forecast released by state officials."I've been around this government since 1938. For the first time, I have seen the numbers just drop off very quickly," said Comptroller Louis L. Goldstein, the senior financial official in state government and the man who outlined the grim economic news yesterday.Perhaps the worst story comes from the collections of the 5 percent sales tax -- the state's second-biggest revenue source -- which are now estimated to grow by only one-half of 1 percent this year.
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NEWS
October 8, 2014
From everything I have read about Larry Hogan, he is not a politician, at least not by today's standards or those of Maryland. Anyone following him knows that he is offering sound solutions based on hard truths instead of the panaceas that voters seem to prefer. He has also appealed to black voters to look beyond race and objectively compare his platform with that of his opponent, Lt. Gov. Anthony Brown ( "Hogan, Brown differ in message to black voters," Oct. 4). Another group that he needs to appeal to is non-voting conservative whites who want all or nothing.
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BUSINESS
By Patricia Horn and Patricia Horn,Sun Staff Writer | August 4, 1994
After four years of putting off buying that new sofa or replacing that vacuum cleaner, Marylanders are shopping again, sending state sales tax revenues to their biggest year-to-year increase since 1990.Sales of homebuilding materials and home-related goods propelled Maryland's sales and use tax revenue nearly 5.6 percent higher in the last fiscal year, the Maryland Comptroller's Office announced yesterday. And during the last month of the fiscal year, June, the revenue rose 7.2 percent over the same month last year, the largest rise of any month.
NEWS
By Pamela Wood, The Baltimore Sun | March 13, 2014
Anne Arundel County Councilman Jamie Benoit this week proposed a way to drum up money to build a new high school in the county - a school that has been supported by parents in the Crofton area. Benoit wants to tap an obscure provision in the county's charter to create a dedicated fund to hold money for building a high school and repairing aging schools. He said the plan calls for diverting a portion of income tax the county receives into the fund. He said if he's successful in passing a bill to create the fund and funnel the money, he would follow up with a tax increase during budget negotiations in May to compensate the county's general fund for the money diverted to schools.
NEWS
September 15, 2007
Tax revenues are coming in more slowly than expected, leaving Maryland about $132.5 million short of its projections for the current fiscal year, Comptroller Peter Franchot said in a letter yesterday. Based on data gathered since the fiscal year began in July, Franchot's office expects sales tax receipts to increase 2.5 percent this year, well short of the 4.8 percent estimate Gov. Martin O'Malley used when preparing his budget. That disparity amounts to $115.5 million, Franchot wrote.
NEWS
By Gadi Dechter and Gadi Dechter,gadi.dechter@baltsun.com | March 5, 2009
State officials approved $82 million in cuts to Maryland's operating budget yesterday, bringing Gov. Martin O'Malley's midyear trims to more than $500 million as he struggles to keep spending in line with plummeting tax revenues, as the law requires. For the third time in the current fiscal year, the Board of Public Works voted to cut O'Malley's $14 billion budget, in part by abolishing hundreds of vacant positions and formally accounting for $34 million saved from a worker furlough plan.
NEWS
By Andrew A. Green and Andrew A. Green,Sun reporter | December 14, 2006
Maryland should see slightly stronger growth in tax revenue next year, but not enough to change projections for budget shortfalls in the long term, the state's Board of Revenue Estimates concluded yesterday. The overall estimates, which form the basis of the budget lawmakers must craft during the coming General Assembly session, were roughly what state officials expected them to be at this time last year, meaning that the state's economy continues to grow. "There were no nasty surprises at all," said Treasurer Nancy K. Kopp, one of three board members.
NEWS
By NEW YORK TIMES NEWS SERVICE | July 13, 2005
WASHINGTON - For the first time since President Bush took office, an unpredicted leap in tax revenues is about to shrink the federal budget deficit this year by nearly $100 billion. White House officials plan to announce today that the deficit for fiscal 2005, which will end in September, will be far lower than the $427 billion they estimated in February. Bush plans to hail the improvement at a Cabinet meeting today and point to it as a validation for his argument that tax cuts have stimulated the economy and will help pay for themselves.
NEWS
January 6, 2002
WHAT RECESSION? Maryland property values are soaring, according to the latest state assessments, with the sharpest jump in nearly a decade. Homeowners may cheer the presumable increase in their fortunes. But the taxman cometh. With an average increase of 5.3 percent in property assessments over each of the next three years, that should mean higher tax revenues for the state and counties. The most important implication is the resilience of the statewide economy and the continued strong demand for housing in most parts of the state.
NEWS
By Ted Shelsby and Ted Shelsby,SUN STAFF | January 26, 2003
As tax revenues slow and health costs soar, Harford County Executive James M. Harkins has taken a number of steps, including instituting a hiring freeze, to help balance a $306 million operating budget. "These are challenging fiscal times," Harkins told members of the Harford legislative delegation Friday. He said medical insurance costs "have risen dramatically," by about 30 percent, or $3.7 million, for the fiscal year starting in July. Property taxes are about $800,000 below projections, primarily because of a decrease in the property taxes received on public utilities.
NEWS
March 10, 2014
The announcement last week by Maryland's Board of Revenue Estimates that the state will be taking in $238 million less in taxes this year and next was certainly unwelcome, and it complicates the already difficult task the General Assembly faces in enacting a balanced budget before it adjourns in April. The amount of tooth-gnashing it has prompted, however, is wildly out of proportion to its actual impact on the state's overall spending plans. Comptroller Peter Franchot, who as chairman of the Board of Revenue Estimates was on hand to approve the new figures on Thursday, told The Washington post that the numbers are "proof positive that something is wrong.
NEWS
By Luke Broadwater and The Baltimore Sun | July 21, 2013
So, just how much in public assistance is Harbor Point actually set to receive?  It's a question on a lot of Baltimoreans' minds. As figures fly around in council chambers, news conferences and protests, it's easy to lose track of the total price tag on the package of subsidies proposed for the $1 billion waterfront project.  The short answer: About $400 million. Here's how that breaks down. The current proposal is for the city government to help Michael S. Beatty's Harbor Point Development Group LLC project - which will house Exelon's new regional headquarters - through the following ways: * The city plans to issue $107 million in tax-increment bonds for infrastructure at the site - including seven small parks, a promenade and a bridge.
EXPLORE
April 8, 2013
We were told the gas tax increase was needed to pay for roads and mass transit. Yet right there in the March 28 Flier on page 16, "Turner: Transportation needs Gas Tax Revenue," Guy Guzzone states that funding created by the increase will be used for the expansion of the emergency medical system and a new digital communications system for emergency responders. That doesn't exactly sound like roads, bridges, or mass transit. Either they lied about it or are stretching the definition of transportation beyond all credulity.
NEWS
By Robert Yentzer | January 28, 2013
When it comes to fixing America's ballooning debt problem, there is one policy option that both Democrats and Republicans should be rushing to embrace. It is the proposal to replace the current Consumer Price Index (CPI) with a more accurate measure of price inflation: the Chained-CPI. If this index were used to calculate cost of living increases in Social Security benefits, income tax brackets and the like, the government could realize significant savings. The current CPI's exaggerated estimates of inflation are a wasteful leak in the fiscal pipeline.
FEATURES
By Timothy B. Wheeler, The Baltimore Sun | January 28, 2013
While Maryland lawmakers debate whether to subsidize a large wind energy project in the Atlantic Ocean off Ocean City , an Annapolis company is moving ahead with plans for the state's third land-based wind "farm. " Synergics Wind Energy LLC, which built Maryland's second wind project along a mountain ridge near the West Virginia border, is seeking state and local permits to erect 24 turbines on similar terrain just west of Frostburg in Garrett County. But the proposal is renewing concerns raised by some western Maryland resident about the state's first two wind projects, in particular the towering windmills' proximity to homes and their potential to kill birds and bats, including one listed as endangered in Maryland.
BUSINESS
By Chris Korman, The Baltimore Sun | January 4, 2013
The Ravens and Redskins will host playoff games Sunday, about 30 miles and 31/2 hours apart. Hosting two of the NFL's four playoff games in Maryland offers something of an economic double shot for the state. The games bring an increase in local taxes, a significant boost to the host teams' bottom lines and could have a combined economic impact of about $20 million to more than $40 million. But economists say most of the money being spent in Baltimore and Landover this weekend would have been spent in the area anyway.
NEWS
By Bishop Harry R. Jackson Jr | October 12, 2011
Maryland's 7.2 percent unemployment rate is below the national average but still too high. Families need help. Aging roads, sewer systems and other infrastructure need repair. Revenue projections for 2012 and beyond will not cover these programs, along with education, health care and public employee pensions, the Maryland Budget and Tax Policy Institute cautions. Budget shortfalls next year could reach $700 million or more, the institute warns. Many of our cities and counties likewise face mounting debt.
NEWS
By David Nitkin and David Nitkin,SUN STAFF | July 16, 2003
Maryland tax revenues dropped $76 million below what had been expected during the past three months, adding to the frustration of lawmakers who walked away from an update on the state's finances yesterday with little fresh information on how Gov. Robert L. Ehrlich Jr. plans to handle the fiscal crisis. News of the decline in sales and income taxes from previous estimates - a drop of about 1.1 percent in the general fund revenues used to pay most state services - provided some of the few concrete facts House and Senate budget writers could digest during a lengthy briefing that grew heated at times.
NEWS
December 7, 2012
It looks as if the administration and the lame-duck Congress are hell-bent on increasing taxes on "the rich," and we should all care about that because the U.S. already has such a levy: It's called the Alternative Minimum Tax. It was put in place in 1969 to catch a handful of rich folks who were not paying their "fair share. " But next year, thanks to bracket creep, the AMT will snare as many as 20 million middle-class Americans as well. Is that fair? That's how "tax the rich" works.
NEWS
December 6, 2012
We're almost a month away from another legislative session, so it was no surprise to read The Sun's editorial in favor of higher cigarette taxes ("A life-saving tax," Nov. 25). While lobbyists like Vinnie DeMarco prepare their annual push to punish smokers, the rationale to raise cigarette taxes is as flawed as ever. Higher cigarette prices may discourage smoking, but there is hardly the direct connection between declining rates of smoking and higher tobacco taxes as The Sun claims.
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