Hogan presents final budget proposal amid huge surplus
Click the audio to hear Senator Cory McCray, D-District 45 discuss Maryland’s budget surplus.
ANNAPOLIS, Md. (AP) — Maryland Gov. Larry Hogan presented his final budget proposal, touting tax cuts, record education and school construction spending and aid for the vulnerable.
When I first took office, we inherited a crushing $5.1 billion structural deficit. But after seven years of cutting taxes and holding the line, Maryland is now projecting a long-term structurally balanced budget for the first time in nearly a quarter century. pic.twitter.com/lp9Rs5wnKA— Governor Larry Hogan (@GovLarryHogan) January 19, 2022
Hogan said Wednesday that his administration's mission has been to leave the state in a stronger fiscal position.
The proposal would gradually eliminate the taxation of all income for retirees above 65 who receive Social Security.
Maryland has an unprecedented $4.6 billion budget surplus this year.
House Speaker Adrienne Jones says the proposal funds priorities like higher education, but she's concerned about undermining a 10-year plan to improve K-12 schools.