With Record Fiscal Surplus, Governor Hogan Proposes Largest Tax Cut in History of Maryland
With the cost of living rising across the country, Governor Hogan is fighting for historic levels of tax relief for Marylanders. Before Governor Hogan took office, Maryland had a $5.1 billion structural deficit after raising taxes 43 consecutive times. Now, after seven years in a row of fiscal discipline and cutting taxes, Maryland has a record $2.5 billion surplus.
At a press conference earlier today, Governor Hogan outlined his plan to return this surplus back to Marylanders by eliminating the state’s retirement taxes, cutting income taxes on working families, and expanding tax incentives for manufacturers.
This new proposal would cut taxes even more than last year, when Governor Hogan successfully passed the largest tax cut in Maryland history with near unanimous support from his overwhelmingly Democratic legislature. Governor Hogan continues to set a national model for how to deliver common sense conservative results in a hyper-polarized age.