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Maryland imposes five income tax brackets, ranging from 2 to 6.25 percent of personal income. [193] The city of Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25 and 3.2 percent of Maryland taxable income. Local officials set the rates and the revenue is returned to the local governments quarterly.
Maryland was a border state, straddling the North and South. As in Virginia and Delaware, some planters in Maryland had freed their slaves in the years after the Revolutionary War. By 1860 Maryland's free black population comprised 49.1% of the total of African Americans in the state. [4]
In 2007, former Goldman Sachs trader Matthew Marshall Taylor was fired after hiding an $8.3 billion unauthorized trade involving derivatives on the S&P 500 index by making "multiple false entries" into a Goldman trading system, with the objective of protecting his year-end bonus of $1.5 million. The trades cost the company $118 million.
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