Each year in office, retirees have come to me with their concerns about Maryland not being retiree friendly. Many of them feel they’re being pushed out.
We have an outdated tax code that needs to be addressed. I have supported various measures to provide tax relief for retirees, including legislation to make Maryland a more retirement-tax competitive State.
What Constituents Are Saying
“All my husband and I talk about when we discuss retirement is how we HAVE to get out of the high tax state of Maryland. -Laura”
Maryland is Among the Worst States In the Country From A Tax Stand Point For Retirees." - Paul
“We are starting serious conversations about leaving Maryland. Between no relief on this and the estate tax, we will need to leave.- Patricia”
“Imagine my surprise when I later learned from a friend that Maryland would have allowed a significant exclusion from state income taxes on distributions from the 401 K (which I transferred to an IRA) but no relief from state taxes on distributions from my IRA's. Maryland faces significant competition to keep or attract retirees as residents of the state." -Donald
Some examples of legislation Sid has supported on this issue include:
Retiree Income Tax Relief Act of 2022 HB787, 2022
State Prescription Drug Benefits - Retirees HB 892, 2022
Property Tax Credit - Elderly Individuals and Veterans Tax Credit - Amount and Duration HB1186, 2022
Duties of a Guardian of the Person - Visitation HB1483, 2018