In a time of economic distress for people across the country and in Maryland, two legislators introduced a bill to lower the corporate income tax rate by 2.25%, one in the house (Kelly Shultz) and one in the senate (David Brinkley). The state is already facing a budget deficit and by making this tax break effective, the state would have a net loss of over $381 million next year if enacted resulting in cut backs in transportation funding and the fund for investment in higher education. Is this what you want? Tell the sponsors of SB 34 and HB261 to drop the proposal!
Many across the country and the state are still in times of economic distress. This is not the time to lower the corporate income tax rate by 2.25%. Corporatons should in this time of economic distress instead pay their fair share to public funds.
The state is already facing a budget deficit and by making this tax break effective, the state would have general funds decreased by over $295.2 million in FY 2014 according to the Department of Legislative Services. As a result, the state government cannot afford this tax cut in the slightest since it will result in slashed transportation and higher education funds and a bigger deficit.
Instead of cutting corporate tax rates, I urge you to consider that it would be more benefical to invest money in creating good, sustainable jobs and improving education in the state.
I urge you in your legislative capactity to drop this bill, following what Article 1 of the Maryland Declaration of Rights states, that the state government is "instituted solely for the good of the whole" not for the good of a few.