A flurry of contenders are announcing their intent to run for Maryland governor and their campaign platforms would impact the tax situations of businesses and individuals across the state. The proposed legislation and policy changes, if adopted, could impact taxes in multiple ways.
Maryland primary candidates propose health care changes
The most recent Maryland governor hopeful to toss his hat into the ring is democrat Ben Jealous. Jealous recently announced that if he wins office, he intends to seek a state-run, single-payer health care system. Jealous’s proposal is one of three tax-funded health care proposals announced by Democratic primary candidates for governor.
Candidate Alec Ross, a tech entrepreneur from Baltimore, announced a health care plan similar to but distinct from Jealous’s. It involves enacting a public option – rather than constituting government-funded health coverage for all Maryland residents, it would rely on a health program set up by the state to compete with private health insurers. The public option has been promoted as a way to achieve faster results while lowering insurance costs by cutting out overhead and eliminating profit-taking.
Tax implications of MD governor race
Jim Shea, a Baltimore lawyer, is the most recent addition to the gubernatorial primary ballot. According to Shea, his top priority is boosting economic growth and job opportunities. A linchpin in his plan is improving the mass transit options between Baltimore and the areas around Washington D.C. He also plans on expanding early-childhood education opportunities and access to after-school and summer programs.
Prince George’s County Executive Rushern L. Baker III, who also recently announced that he is running, is similarly concerned with transportation and has worked as county executive to boost development in the vicinity of Metro stations. State senator Richard Madaleno is also seeking the Democratic nomination and focusing on improving the Metro system as a means to revitalize the area.
There are similarities among the priorities of the gubernatorial hopefuls but the precise impact of a plan will depend on its details. For example, changes to the state health care system or minimum wage would impact tax brackets for individuals and calculation of business expenses for companies that pay employees. Efforts to increase development in the vicinity of transportation hubs may involve tax incentives to draw businesses. It will pay to keep informed of the specific details of any plan adopted.
Stay abreast of Maryland tax changes
The media attention on the gubernatorial challengers highlights the pace at which state government tax policies can change, but the reality is that changes are taking place continuously without many people noticing. Changes in the tax law can lead to significant financial impacts and even criminal consequences, so it pays to partner with an expert who stays on top of the evolving tax landscape. The Baltimore tax attorneys at Rosenberg Martin Greenberg put years of experience and a dedication to stay on top of the tax laws to work for you. To discuss tax options, do not hesitate to contact us for a consultation.
Additional “Maryland tax changes” resources:
- Washington Post, Candidate for Md. governor says state should start single-payer health program, https://www.washingtonpost.com/local/md-politics/candidate-for-md-governor-says-state-should-start-single-payer-health-program/2017/06/23/3ebd3a26-5795-11e7-a204-ad706461fa4f_story.html?utm_term=.2cf3296dd5f8
- The Baltimore Sun, Baltimore lawyer Jim Shea enters Democratic race for Maryland governor, http://www.baltimoresun.com/news/maryland/politics/bs-md-shea-governor-20170622-story.html
- The Washington Post, Rushern Baker, leader of Prince George’s, to run for Md. governor in 2018, https://www.washingtonpost.com/local/md-politics/rushern-baker-leader-of-prince-georges-to-run-for-md-governor-in-2018/2017/06/20/78271472-1edc-11e7-ad74-3a742a6e93a7_story.html?utm_term=.28f70f4992d6