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Finalizing the Fiscal Framework
Earlier today, Gov. Wes Moore, Senate President Bill Ferguson, and House Speaker Adrienne Jones announced their agreement on a rough plan for this year’s budget. Our Constitution requires us to pass a balanced budget before the end of the legislative session. The challenging fiscal situation has been made infinitely more difficult by the “Trump/Musk” Administration. As a result, my Budget Committee colleagues are faced with impossible choices: Which programs can be cut? Which taxes or fees could be raised? How much should be kept in our Rainy Day Fund?
A few highlights of the proposed framework include:
- An impressive 94% of Marylanders will see either no increase or a reduction in their personal income tax;
- The sports wagering tax will increase from 15% to 20%; and,
- The cannabis tax will increase from 9% to 12%.
The budget is still very much a work in progress. Negotiations will continue over the next 11 days, and I’ll keep you updated. |