Moore has said the state will face difficult choices in handling its worst financial crisis in 20 years, leading to shortfalls that could reach nearly $6 billion by 2030.

Maryland’s wealthiest earners would pay more in state taxes, while corporations and other workers would get a tax cut under a budget plan Gov. Wes Moore will introduce Wednesday — marking the first time the Democrat has thrown his political weight behind policies that could directly impact most Marylanders’ pocketbooks.

Gov. Wes Moore Wednesday proposed a budget he said will promote long-term economic growth and provide tax cuts to many, but it will be  balanced on tax increases on high-income earners in the state.

Without selling the tax increases that the governor unveiled in his $67 billion budget proposal on Wednesday, Moore faces making even deeper cuts to balance the state’s finances.

Moore said the brunt of the tax increases will be shouldered by Marylanders with a household income north of $700,000 a year. In 2023, more than 18% of Maryland households were estimated to earn $200,

At the start of his administration, Moore issued a goal to rebuild the state government workforce, which shriveled under former Gov. Larry Hogan, a Republican.

Governor Wes Moore says 82% of Marylanders will see a cut or no change in their taxes, while the richest 18% will see increases. He did not say how much that increase will be.

An overhaul of Maryland’s personal income taxes would give two-thirds of filers an average tax cut of about $173 while raising hundreds of millions of dollars more from those making more than $500,000 under a budget plan proposed Wednesday by Gov.

Maryland Gov. Wes Moore released a budget plan Wednesday that includes higher income tax rates for taxpayers who make more than $500,000, as well as about $2 billion in spending reductions throughout state government to address a $3 billion deficit.