Maryland Governor Proposes Tax Plan to Address Deficit

Maryland Governor Wes Moore has unveiled a budget plan aimed at addressing a $3 billion deficit while providing tax relief to approximately 82% of state residents. The plan includes tax increases for high earners, specifically those making over $500,000, with the largest increases affecting households earning over $1 million. Moore emphasized that these adjustments are necessary to foster economic growth and maintain vital public services such as education and safety. Alongside the tax proposals, the budget will also cut corporate tax rates, eliminate the inheritance tax, and make strategic investments in workforce development and small businesses. Despite the planned tax increases, Moore assured that the budget does not include hikes to sales or property taxes. The final budget details will be released in a press conference scheduled for Wednesday.