Gov. Wes Moore’s new budget proposal would raise taxes on Maryland’s wealthiest residents by adding two new tax brackets at income thresholds the state previously did not account for — a plan that some Republicans worry could backfire.

ANNAPOLIS, Md. (7News) — Maryland Governor Wes Moore released details of his $67.3 billion budget on Wednesday. It relies on $2 billion in cuts to state Government as well as nearly $1 billion in tax increases to close a nearly $3 billion budget deficit.

Maryland Governor Wes Moore is expected to share his FY2025 budget proposal and legislative priorities as the state faces a $2.7 billion deficit, the largest in 20 years.

Gov. Wes Moore’s tax reform plan that would raise hundreds of millions of dollars more from Maryland’s wealthiest earners does not go far enough to offset potentially “devastating” cuts to education,

Maryland Gov. Wes Moore is about to face his most formidable challenge yet, one that has deep implications for the rest of his term and beyond.

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 Gov. Wes Moore's proposed 2026 budget would cut $111 million in state funding from the University System of Maryland, according to The Banner.