Gov. Moore's proposed budget features tax reform and massive cuts
Gov. Wes Moore proposed a budget Wednesday that would raise income taxes for Maryland’s highest earners and advance a broader plan he calls his “growth agenda” for the state.
Administration officials say that Moore’s budget plan is balanced and over time would reduce the state’s structural $3 billion deficit, in part by adjusting implementation of the ambitious education spending plan known as the Blueprint for Maryland’s Future.
“None of these things are easy. All of them are necessary,” Moore said in a news conference unveiling his plan.
As the state grapples with the growing fiscal challenge of a ballooning deficit, Moore’s budget is his attempt to make some tough choices and bring things back in line.
The plan would impose tax hikes for the state’s top 18% of earners. It would also make difficult cuts to education and other programs, including some for people with developmental disabilities.
House Republican Leader Jason Buckel, who represents Allegany County, commended Moore for diagnosing the state’s financial woes, but he expressed concern about the proposed tax increases.
“It is encouraging to see that Governor Moore has made closing the deficit and growing Maryland’s economy a priority,” Buckel said in a Joint Republican Caucus statement sent to Capital News Service following the budget announcement. “However, parts of his budget plan may be giving with one hand while taking with the other. I am concerned that the tax increases in his budget may hinder our economic growth and not result in the revenues he anticipates.”
Despite the increase in taxes for the wealthiest households, Moore’s proposal leaves taxes unchanged or reduced for 82% of taxpayers, according to administration officials. One official told reporters the average savings are estimated to be around $173 a year, while earners in lower- to middle-income brackets may see closer to $300.
According to Moore, the brunt of the tax increases will be shouldered by Marylanders with a household income north of $700,000 a year.
Read the full story by CNS reporters Emma Tufo and Jack Bowman.
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