ICYMI NFIB’s Mike O’Halloran: Higher Taxes Are the Last Thing Maryland Small Businesses Need

September 3, 2024

ICYMI NFIB's Mike O'Halloran: Higher Taxes Are the Last Thing Maryland Small Businesses Need

In an op-ed for The Baltimore Sun, NFIB Maryland State Director Mike O’Halloran explains why any state tax increase would be damaging to small businesses, especially since there is a pending federal tax hike coming next year if Congress doesn’t act. O’Halloran writes in response to Senate President Bill Ferguson’s recent remarks: “When Maryland Senate President Bill Ferguson said last month that budget pressures would have to reach an “extremely high bar” to trigger tax increases, Maryland small business owners breathed a sigh of relief. His words came at a recent conference of state and local officials and hopefully serve as a preview of budget negotiations during next year’s General Assembly session that begins in January. A tax increase is the last thing small businesses can afford right now… “To make their uncertainty worse, Maryland small businesses are facing a 20% tax hike next year unless Congress makes the Small Business Deduction permanent. This is looming over their businesses and has impacted the way owners are planning for the future. Not knowing if they will have a federal tax increase should make a state tax increase a non-starter.” CLICK HERE to read the full op-ed.

Topics:

Taxes

State:

Maryland

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