tag:blogger.com,1999:blog-1779989107918844539.post-62809396044342547742008-04-11T11:35:00.001-05:002008-04-11T11:35:09.752-05:00Millionaires in MD Beware<div>I don't know how many of our Blog readers in MD are Millionaires -- probably a lot I would guess. Here's a recent development targeting you or your client:</div> <div> </div> <div> <p style="TEXT-INDENT: 12pt">Senate Bill 46, effective July 1, 2008, temporarily (yeah, right) increases the personal income tax rate for those with Maryland taxable income in excess of $1,000,000. For taxable years beginning after December 31, 2007, but before January 1, 2011, the Maryland personal income tax for an individual, including spouses filing a joint return or a surviving spouse or head of household, is 6.25%. Currently, the highest income tax rate is 5.5% and applies to individuals, spouses filing a joint return or a surviving spouse or head of household with Maryland taxable income in excess of $500,000. Those with a Maryland taxable income of $500,001 through $1,000,000 are taxed at the rate of 5.5% for taxable years beginning after December 31, 2007, and ending before January 1, 2011.</p> <p style="TEXT-INDENT: 12pt">I guess MD, doesn't like high earning individuals living in their state.</p></div> AJhttp://www.blogger.com/profile/04446247429286499132noreply@blogger.com