Wes Moore Proposes $67.3 Billion Budget Plan

Maryland Governor Wes Moore has proposed a $67.3 billion budget for fiscal year 2026 aimed at addressing a $3 billion budget deficit through a combination of spending cuts and tax increases. The plan includes raising taxes on the state's top 18% earners, with new brackets set at 6.25% for those earning $500,000 and 6.5% for $1 million or more, while maintaining current sales and property tax rates. Moore's administration claims that two-thirds of Marylanders will see tax cuts or no changes, although critics warn that the tax hikes could hinder economic growth and drive residents out of state. The budget aims to cut $2 billion through efficiency improvements and reductions in education and healthcare funding, while directing resources towards economic growth and workforce development. Republicans express skepticism, arguing that increased taxes on the wealthy and new fees could negatively impact small businesses and taxpayers. The state legislature will now review the proposed budget as it seeks to navigate this fiscal crisis.