Support for the Fair Share for Maryland Tax Reforms

I am writing to express my strong support for the Fair Share for Maryland Plan, a critical initiative for tax reform in our state. This plan addresses several key issues that I believe are essential for creating a more equitable and effective tax system in Maryland. Firstly, the proposal to close corporate tax loopholes is crucial. By adopting combined reporting and the throwback rule, and considering worldwide combined reporting, Maryland can level the playing field for our small businesses and generate significant revenue. Secondly, the plan to close the LLC loophole is equally important. Taxing the largest businesses with LLC, partnership, or S-corporation structures, while exempting the first $1 million in profits, strikes a fair balance. It protects small businesses and could yield substantial revenue gains. Additionally, reforming state income taxes to include a 7% tax on millionaires' income is a step towards fairness. It ensures that those with the highest incomes contribute their fair share, which is crucial for our state's financial health. The proposal to fix the estate tax on millionaires also resonates with me. This change would not only bring fairness to our tax system but also address racial equity issues. Moreover, taxing capital gains like income from work and addressing the federal “carried interest” loophole are measures that would ensure wealth-generated income is taxed fairly. I am also in favor of expanding the Child Tax Credit, as it would support more low- and moderate-income families, a crucial step towards reducing child poverty. Finally, increasing efforts to crack down on tax fraud by enhancing the state's auditing capabilities is a logical step to ensure compliance and fairness. I believe these measures are essential for creating a more equitable tax system in Maryland, and they would provide the necessary revenue for our state's needs. I urge you to support the Fair Share for Maryland Plan.