A friend of mine had a great line after last week's vote by the Maryland General Assembly to raise taxes. He said, "On Tuesday, I went to bed middle class and when I woke up on Wednesday, I was wealthy." Not only did the House and the Senate raise taxes on everyone making over $100K as a single filer and for any joint filers making over $150K, but they also shifted 25% of the pension costs for teachers to the counties. County governments across the state will in turn be forced to raise taxes locally. So, not only will we soon pay close to 9% for state income taxes, but the counties will increase their taxes to cover the pension shift. Wait a minute, aren't we the same taxpayers? So why is the State telling us about the money that they saved us by reducing the state's pension costs? Come January 2013, if the previously approved tax cuts aren't continued, the triple whammy will hit with an increase in the Federal income tax rate. What all of this tells me is that we are in store for a much deeper recession as our disposable income becomes significantly reduced.
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