MDCEP Statement: Healthy Revenue Forecast Is an Opportunity to Strengthen Maryland Communities
Maryland Center on Economic Policy President and CEO Benjamin Orr issued the following statement in response to the September revenue forecast the Board of Revenue Estimates approved this afternoon. The state’s fiscal position remains strong, with revenues for the current fiscal year revised upward by $1.2 billion and next year’s revenues projected to grow by 6.6%.
“This week’s update to Maryland’s revenue outlook highlights the continued opportunity to increase economic security for Maryland families and strengthen communities. It also underscores the continued need to improve our tax code.
“Maryland’s current fiscal strength allows us to build opportunity for all Marylanders and ensure that communities across our state thrive. Millions of Marylanders are struggling to meet basic needs such as keeping a roof over their head and putting food on the table. Structural barriers built into our economy disproportionately push these burdens onto Black and Brown Marylanders.
“We can and should build economic security and opportunity for all through reforms such as expanding our state child tax credit and improving our unemployment insurance system. We should also strengthen the state government’s ability to meet community needs by rebuilding our workforce of public servants and ensuring that a state job is a good job.
“State analysts cautioned that future revenue growth is expected to slow, reflecting the receding boost from the President Biden’s American Rescue Plan and economic risks from the Federal Reserve’s efforts to fight inflation. To protect our ability to support Maryland families and communities through good times and bad, we should make our tax code more effective and more equitable by closing corporate tax loopholes and asking the wealthy few to contribute more to our shared needs.”
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