Maryland Governor's Tax Plan

This is a Maryland news story, published by MSN, that relates primarily to Wes Moore news.

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tax increases

Washington Post

•

Business

Business & Economics

Moore announces tax increases for the wealthy to close budget gap

Summary

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83% Informative

Maryland Gov. Wes Moore (D) announced a plan to raise income tax rates for the state’s wealthiest residents.

Moore has pledged making $2 billion in cuts to help close the budget gap, targeting some spending on climate initiatives and government inefficiency.

Moore declined to offer specifics on the tax increases.

The governor committed $750 million in new investments in cybersecurity, quantum computing and life sciences.

The incoming Trump administration could reshape Maryland 's economy if it follows through on his vow to shrink the federal workforce.

The state's financial fortunes have swung wildly in recent years , from a roughly $7.5 billion surplus in 2022 to a $3 billion deficit facing leaders today .

Republicans argue that would mean Maryland would face the economic consequences for Democratic policy decisions.

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