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Bill Would Cut State Income Taxes by 10 Percent

"You invest, and that's what drives our economy. We're trying to give money back to families so they can recover a little bit from the difficulties they face."
ANNAPOLIS, Md. - The House Republican Caucus announced Tuesday a bill in the Maryland General Assembly to give tax relief to all people in Maryland.

"We find that the spending increased over the last seven years, plus we've had almost 80 taxes and fees added or imposed. It's taken about $4,600 out of every household in our state. This is in attempt to give some of that back," said Del. Andrew Serafini, (R-Washington County).

House Bill 326, the "Income Tax Relief Act of 2014," would give a 10 percent cut in Maryland personal income taxes, regardless of income level. This would be phased in over three years.

"Economically, if you look at it from President Obama saying we need to reduce the payroll tax, to President Kennedy saying we need to reduce taxes, Clinton, Reagan, all of them have reduced taxes because when we give the money to you, the taxpayer, you spend," Serafini said.

House Republicans say they hope this bill could spur on spending with everyone having more money and give people some relief from tax increases in the state.

"You invest, and that's what drives our economy," Serafini said. "We're trying to give money back to families so they can recover a little bit from the difficulties they face."

According to the U.S. Chamber of Commerce, Maryland ranks 43rd in overall business climate.

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