Maryland’s wealthiest earners would pay more in state taxes, while corporations and other workers would get a tax cut under a budget plan Gov. Wes Moore will introduce Wednesday — marking the first time the Democrat has thrown his political weight behind policies that could directly impact most Marylanders’ pocketbooks.

Gov. Wes Moore Wednesday proposed a budget he said will promote long-term economic growth and provide tax cuts to many, but it will be  balanced on tax increases on high-income earners in the state.

Without selling the tax increases that the governor unveiled in his $67 billion budget proposal on Wednesday, Moore faces making even deeper cuts to balance the state’s finances.

Moore said the brunt of the tax increases will be shouldered by Marylanders with a household income north of $700,000 a year. In 2023, more than 18% of Maryland households were estimated to earn $200,

An overhaul of Maryland’s personal income taxes would give two-thirds of filers an average tax cut of about $173 while raising hundreds of millions of dollars more from those making more than

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 released a budget plan Wednesday that includes higher income tax rates for taxpayers who make more than $500,000, as well as about $2 billion in spending reductions throughout state government to address a $3 billion deficit.

Moore has also pledged making $2 billion in cuts to help close a $3 billion budget gap, targeting some spending on climate initiatives and government inefficiency.

Maryland is facing a budget crisis and Gov. Wes Moore has said the state is going to have to slash spending and increase revenue to fix it.