Statement by Nicholas Johnson on The Maryland Senate Budget and Taxation Committee’s Tax Bill

Publication Date: November 2007

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Nicholas Johnson

Research Area: Banking and finance

Keywords: Economic projections; State budgets; Corporate finance; Tax code

Type: Report

Coverage: Maryland

Abstract:

The tax bill passed by the Maryland Senate Budget and Taxation Committee is a disappointing step backwards from Governor O'Malley’s tax reform proposal.  It bows to pressure from powerful corporate interests to abandon the closure of wasteful corporate tax loopholes.  And it shifts the burden of raising additional revenue onto those who can least afford it.