About $1.5 billion worth of hard choices were made and many government leaders were confident the deficit demons had been vanquished.
But between $800 million and $900 million of expected new tax revenue never materialized because of faltering collections in a spiraling economy, according to the state's nonpartisan Department of Legislative Services, leaving Maryland again in a perilous budget situation.
One of the most dire symptoms of the fiscal disease sweeping through Maryland's budget is plummeting sales tax...
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Hi Taxes Lowers Sales? - 2008-12-01 12:00:27
In my household, we haven't been to a department store or hardware store in MD since the O'Malley Tax was implemented during the dead of night...thank you Delaware!
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Bob L. - Annapolis, MD - Karma: Neutral
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MD Taxes - 2008-11-30 18:53:20
Indeed the signs of a faltering economy were there, but legislators focused on revenue needs and not the citizens of Maryland (My My they wouldn't have $$ for their pet projects). We, the citizens, are supposed to be too stupid to grasp their (legislators) manuvers. Question now is what is the next move to rob the citizens (especially the poor and working class)as we ALL know that will come about.
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ramarro smith - windsor mill, MD - Karma: Neutral
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Is this a surprise? - 2008-11-30 12:15:46
First, it's the end of the year, and they are just realizing they are missing revenue projections? Second, they raised taxes at a time revenue was dropping?
I'll give them the benefit of doubt. Most people knew there were problems, but I don't think anyone knew it would be this bad. However, in April, is was very apparent that the US economy was in trouble. In July we were starting to spin out of control. In October the State of Maryland starts saying the tax increases didn't work?
It's obvious the rose colored glasses approach to projecting economic growth is not working. Maybe it's time to start estimating a worse case scenario. That is, maybe this is not a recession, and maybe the beginning of a cyclical depression that may last 20 years.
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Arnold Gasper - Harwood, MD - Karma: Neutral
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