Governor Moore pitched his tax reform proposal directly to lawmakers yesterday during a joint hearing with members of the House of Delegates, stating that his plan to raise $1 billion in new tax revenue will help resolve a $3 billion deficit and is designed to give most filers a modest tax cut and encourage business growth. Republicans and business groups that make up the loudest opposition to Moore’s budget, meanwhile, argue that the tax plan that will put a squeeze on Marylanders.
Quoted: Maryland Chamber President & CEO Mary Kane says the combination of phasing out key tax credits, expanding corporate taxes through a method known as combined reporting and increasing personal income taxes — which some businesses use instead of the corporate rate — “could do serious harm to Maryland’s business community.” Kane and others have applauded Moore for stressing that the core of Maryland’s budget problem is its poor economic growth. But they say his strategies for improving it are not enough.
