Governor: Under plan, taxes would be cut or unchanged for 82% of Marylanders, increased for higher earners
ANNAPOLIS, Md. —
Maryland Gov. Wes Moore introduced his $67.3 billion operating budget proposal for 2026 that he said is based on growing the economy to provide a path to work, wages and wealth.
Moore said the state faces a fiscal crisis nearly a decade in the making based on increased spending amid a downturn in the economy and that his budget plan contains spending cuts and a tax code overhaul.
“With this budget, all will get done (to) build an economy that grows the middle-class and gives everyone a pathway to work, wage and wealth,” Moore said.
The governor also pointed to what he called a “stark, new policy direction” from the incoming Trump administration that could include cutting federal spending, slashing safety net programs and altering the tax code.
According to the proposal, health ($22.2 million) and education ($12.1 million) comprise the largest portions of the budget, followed by higher education ($9.4 million), transportation ($6.6 million), human services ($4.9 million) and public safety ($3.8 million).
The plan maintains a Rainy Day Fund balance of 8% of general fund revenues in fiscal year 2026 at $2.05 billion.