“A Pathway to Prosperity in 2014”
By Delegate Mike McDermott
For years, Maryland has been losing ground on attracting and holding businesses and corporate expansion opportunities. The results can be seen in lost revenues and a state that struggles to keep up with their budget projections (currently we are over one half billion in the hole). The Brown-Obamacare roll out by the Maryland Senate has crippled future planning and expansion and left many without jobs, healthcare, or a future they can rely upon.
General Assembly Republicans see a Maryland full of promise hidden behind the fog of failed policies and progressive-liberal misadventures. All of which have served to limit personal and corporate liberty.
A bold agenda is called for, and Republicans will be offering solutions on all fronts. For starters, I am joining many of my colleagues in sponsoring a repeal of Obamacare to free Marylanders from this onerous law. Helping our fellow citizens address their health insurance needs can be accomplished without destroying our entire system.
Maryland maintains the highest Corporate Tax rates (8.25%) in the region and some of the worst in the country. I am sponsoring a bill which will reduce our corporate rates to 6% by 2017. This act would stimulate our economy and make us a more inviting state in which to do business. Diminished revenue from lowered rates would be replaced by expanding revenue from new business and those choosing to remain and grow in Maryland.
Our state is one of the worst when it comes to inheritance taxes. While most states have eliminated this final shakedown of the taxpayer, Maryland maintains rates that cause many of our citizens to flee to other states in their later years. To protect their families from this draconian tax, I have co sponsored a bill with other delegates to repeal the inheritance tax.
When it comes to tax reform, there are many targets in Maryland. One area that I am focusing on with my colleagues is income tax rates. Our families deserve relief, not additional taxes. I’m joining my fellow Republicans in sponsoring a bill which would reduce income tax across the board by 10% for all Marylanders.
We continue to be a grossly over-regulating state, and I am sponsoring several bills to curtail the effects of big government on businesses and people. I want to require the state to provide a detailed fiscal impact statement on the rules they move to adopt when we are not in session. This was on full display with the recent Phosphorus Management Tool being pushed by the Department of Agriculture. This is a far reaching problem.
I have filed bills to address “no reason” permit denials by government as well as a penalty forgiveness bill for minor first offenses discovered during state inspections. Restoring the business community’s faith and confidence in government will encourage expansion and entrepreneurship in Maryland.
Lip service will not grow our economy. We must be bold, and change the way we think.
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