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A bill that would have levied a new tax on financial advisory services was unanimously pulled by a subcommittee of the Maryland House of Delegates. The HR 1628 Sales Tax and Services proposal would have lowered the state's sales tax from 6 percent to 5 percent, but expanded the tax to include the consumption of services like financial and legal advice, and the hiring of a real estate agent.
The bill was introduced by Maryland's House leader, a Democrat, and was strongly opposed by the state's Republican Governor, Larry Hogan.
Expanding the sales tax to professional services was a cornerstone of the bill, which purportedly would have raised $2.9 billion annually over 10 years to fund a re-haul of the state's public education system.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
