Governor Hogan Proposes Over $1 Billion in Tax Relief for Retirees –Senator Ready Co-Sponsoring!
Late last week, Governor Hogan took the next step toward eliminating all retirement taxes in Maryland. The Retirement Reduction Act of 2020 will eliminate all state tax on the first $50,000 of income for retirees making up to $100,000 in federally adjusted gross income. Retirees with Maryland income up to $50,000 will pay no state tax whatsoever in the state of Maryland. This tax reduction would be phased in over five years, beginning next year. We need to continue to fight to make it easier for Maryland families, small businesses, and retirees to stay in our state, and to make it easier for all Marylanders to keep more of their hard-earned money. I’m proud to be a co-sponsor of this legislation and will keep fighting to eliminate the double taxation of taxes on retirement income.
(Source: Senator Justin Ready 1/21/20)