10/26/2007
How will Higher Taxes Impact Your Bottom Line?
As legislators debate Gov. O'Malley's proposals to close a projected $1.7 billion dollar budget deficit, small-business owners are in the cross-hairs of some politicians who want to balance the budget on the backs of the hardworking employers of Maryland.
- Increase in the sales tax from 5 to 6 percent
- A typical small business will pay $528 more per year as a result of the sales tax increase.
- Expansion of the sales tax to services and labor
- The average small-business owner will be on the hook for $1,013 in higher taxes.
- Creation of a new income tax bracket
- It is estimated Maryland businesses will pay an average of $510 in higher taxes.
- Increase in the corporate income tax from 7 to 8 percent
- A $108 million dollar tax increase on businesses who pay corporate income tax.
- Increase in the gasoline tax
- As if gas wasn't expensive enough already -- this tax will hit small businesses with vehicle fleets or delivery services especially hard.
Do you think government should tighten its belt before taking money out of your pocket?
Contact your lawmakers. Tell them your small businesses shouldn't foot the bill for runaway government spending!
