New federal law will raise state taxes by $400 million, report finds

 

Maryland residents are expected to save nearly $3 billion on their federal income taxes in 2018 as a result of the new federal tax law, according to a report state Comptroller Peter Franchot released Thursday. But residents will likely lose at least $400 million in state and local income taxes, unless lawmakers act to prevent it.

Franchot’s office estimates that between a quarter and a third of state taxpayers could pay more state and local income taxes.

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