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Virginia’s tax shot across Maryland’s bow

If Marylanders think they recently heard a loud boom to our south, they are not mistaken. It came from Virginia, where Gov. Terry McAuliffe fired a warning shot across the bow of Maryland’s elected leaders.

Governor McAuliffe, a Democrat, pledged to cut his state’s corporate income tax rate from 6 percent to 5.75 percent, which would increase the gap between his state’s tax rate and Maryland’s, which stands at 8.25 percent.

The corporate income tax is one of the key tools states use to spur economic growth. Like the typical shopper, companies compare states’ tax rates when determining where to locate their headquarters and jobs. Thus, Governor McAuliffe has raised the stakes in the decades-old competition between Maryland and Virginia for economic supremacy in our region.

Read full article here from Baltimore Sun

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