Maryland General Assembly Passes Budget to Close Deficit
The Maryland General Assembly passed the state’s budget on the final day of the legislative session to address the $3.3 billion deficit, incorporating tax and fee hikes alongside state spending cuts. The contentious 90-day session involved discussions around budget cuts and revenue generation, culminating in Gov. Wes Moore’s three primary goals of tax code reform, economic competitiveness, and investment in people being met.
The $67 billion budget includes about $1.8 billion in tax and fee increases, with two new tax brackets for high earners established at 6.25% for those making $500,000 and 6.5% for those earning $1 million. Additionally, a 3% tax on IT services, a 2% tax on capital gains for income over $350,000, and raised cannabis and sports betting taxes were part of the changes.
While Moore views these measures as necessary steps towards a more robust state budget, Republican lawmakers have expressed concerns about the increased burden on taxpayers. Del. Stuart Schmidt, a Republican from Anne Arundel County, highlighted the apprehension felt by Maryland residents facing these tax hikes.
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