Thank you for visiting SNEWPapers!
Sign up free
The Midland Journal
Rising Sun, Cecil County, Maryland
What is this article about?
Governor O'Conor announced on Monday he will propose a 20-25% cut in state income tax to the January General Assembly session, due to strong finances allowing funds for post-war projects and emergencies while maintaining low real estate taxes.
Clipping
OCR Quality
Full Text
Governor O'Conor on Monday announced that he will ask for a twenty to twenty-five per cent reduction in the State income tax in a plan he will submit to the General Assembly when it meets in January. Moreover, he said the 'healthy condition' of the State's financial position warrants the freezing of a 'goodly sum' for post-war projects 'and an additional amount for present emergencies, including salary adjustments.'
Even with this, the Governor added, 'there will be left enough to bring about a sizable reduction in income taxes.'
At the preceding session of the Legislature, early in 1941, the tax on earned income was reduced from two and one half to a flat two per cent and the investment income tax rate was lowered from six to five per cent.
'Now that the State's financial position is the strongest in its history, a reduction in income taxes can be made,' the Governor said in a statement. 'The present condition of affairs will justify a reduction in these taxes up to twenty or twenty-five per cent.'
'Already a forty per cent reduction in real estate taxes has been effected, which places the State tax rate at the lowest in eighty-two years. Not only is it my intention to maintain the State rate at this low point, but it will eventually be reduced further.'
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Domestic News Details
Event Date
On Monday
Key Persons
Outcome
twenty to twenty-five per cent reduction in the state income tax; freezing of funds for post-war projects and present emergencies including salary adjustments; maintenance and further reduction of real estate taxes at lowest in eighty-two years
Event Details
Governor O'Conor announced he will ask for a twenty to twenty-five per cent reduction in the State income tax in a plan to submit to the General Assembly in January, citing the healthy condition of the State's financial position which allows freezing a goodly sum for post-war projects and an additional amount for present emergencies including salary adjustments, leaving enough for the tax reduction. He noted previous reductions in 1941 and that the State's financial position is the strongest in its history, justifying the cut. A forty per cent reduction in real estate taxes has already been effected, placing the State tax rate at the lowest in eighty-two years, with intention to maintain and further reduce it.