Maryland Gov. Wes Moore (D) and state legislative leaders announced Thursday they’ve agreed upon a budget deal that includes a new tax bracket for high-income earners as well as about $2.3 billion in spending cuts.
The spending cuts are $500 million above what Moore included in his January budget proposal.
To raise additional revenue, the budget framework would create a new bracket for wealthy Maryland taxpayers. As an example, Marylanders earning $750,000 or more would need to pay about $1,800 more in income taxes, Moore said.
Democratic leaders said during an Annapolis press conference that 94% of state taxpayers ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.
