Maryland Gov. Larry Hogan wants to cut income taxes for retirees by $1 billion over the next five years, a “major step” toward his goal of eventually eliminating all retirement taxes.
Under Hogan’s proposal, entitled the “Retirement Tax Reduction Act of 2020,” retirees with less than $50,000 of income will no longer pay state income taxes in Maryland. Retirees who earn less than $100,000 will see reductions of between 50% and 100%.
The Republican governor touted his efforts to improve Maryland’s business climate, cut taxes and reduce tolls and regulations in a press conference Thursday. While his administration has made “slow and incremental progress” in helping retirees, he said it is “clearly not enough.”
Hogan said he speaks to people nearly every day who tell him they love Maryland and have spent their whole lives in the state, but they cannot afford to stay. He said too many Maryland retirees end up moving to states like Delaware, South Carolina and Florida. He cited a CNBC story…Read the full story from the Washington Business Journal.