ANNAPOLIS, MD (AP) – Maryland Gov. Wes Moore included higher income tax rates for some taxpayers in his budget plan, along with $2 billion in budget cuts to address a $3 billion deficit. The Democrat governor released his budget for the next fiscal year. It would create a new 6.25% tax rate for people who make over $500,000 and a 6.5% rate for those making more than $1 million. Moore says nearly two-thirds of residents would receive a tax cut, and 82% will either receive a tax cut or see no change under the plan. The proposal maintains a rainy day fund of about $2 billion and raises the state’s Vehicle Emissions Inspection Program fee from $14 to $30.
GOV. WES MOORE