Maryland Governor Wes Moore defended the state budget that includes tax increases as a responsible approach to balancing spending cuts and generating revenue. Despite concerns from Republicans about the impact on businesses, Moore emphasized that the budget is designed to benefit the majority of Marylanders.
The budget will raise $1.6 billion in taxes and fees, affecting high-earning individuals, businesses, and consumers. While some taxes will increase, Moore asserted that 94% of Marylanders will see no change or a cut in their income taxes. The budget also includes provisions for tax increases on information technology and data services, car sales, and cannabis.
Republicans and business leaders have expressed doubt about the budget’s impact on the state’s economy. However, Moore highlighted efforts to attract industries like life sciences, tech, and aerospace to Maryland and streamline regulations to support businesses.
Responding to criticism from a Republican delegate who suggested businesses should leave the state, Moore called the comments “embarrassing” and emphasized the budget’s focus on supporting Marylanders. The House of Delegates approved the budget bills along party lines, with the Senate set to make adjustments before final approval.
The budget aims to address the state’s financial challenges and stimulate economic growth, with Moore reaffirming his commitment to supporting businesses and residents. The final version of the budget will be sent back to the governor for approval before the legislative session ends.
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