Governor Wes Moore’s budget proposal, known as the ‘Growth Agenda,’ has sparked concerns about its practicality as the Maryland General Assembly enters the final stages of its 2025 legislative session. The $67.3 billion budget plan includes $1 billion in new revenue through tax increases to address the state’s $3 billion deficit. Dr. Darius Irani from Towson University’s Regional Economic Studies Institute has raised questions about whether the proposed tax changes will actually stimulate business growth in the state. The budget also includes restructuring of personal income tax tiers and a reduction in the corporate tax rate from 8.25% to 7.99%, which is considered historic.
While some believe these changes will attract new business investment, others, like Dr. Irani, suggest deeper tax cuts are needed to avoid a worsening financial crisis in Maryland. The governor’s office has reported interest from companies in quantum computing and cybersecurity to relocate to the state following the announcement of the Growth Agenda. Lawmakers must reach a balanced budget agreement before the end of the session in April, with the possibility of the financial crisis worsening if no action is taken.
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