Latest Projections are Strong Argument Against Tax Cuts

Contact: 410-412-9105 ext. 700 or borr@mdeconomy.org

Benjamin Orr, Executive Director of the Maryland Center on Economic Policy, issued the following statement today in response to new projections from the state Board of Revenue Estimates:

Today’s significantly lower projections by the Board of Revenue Estimates mean proposed reductions in Maryland’s estate tax and corporate income tax ought to be abandoned by legislators because Maryland can’t afford the cost and still do everything needed to build a strong economic future for the state.

Measures being considered would save the very wealthy and large, profitable corporations money at the expense of average Marylanders. The state would have to reduce its commitment to invest in schools, transportation, hospitals, safe communities, and the other building blocks of economic growth and job creation.

Instead, Maryland needs to find ways to increase revenue and restore support for important services that have stagnated or fallen behind as Maryland families continue to struggle. Several proposals are already on the table, including raising the cigarette tax and ending the ability of multi-state corporations to hide profits. These proposals would raise more than $125 million for state needs while improving health outcomes and leveling the playing field for local businesses.

The Maryland Center for Economic Policy is a nonprofit, nonpartisan organization committed to ideas that work for everyone and a public climate where they can prevail