MDCEP Statement on March Revenue Forecast

Maryland Center on Economic Policy President and CEO Benjamin Orr issued the following statement in response to the March revenue forecast the Board of Revenue Estimates approved this afternoon.

“It is clear that federal aid efforts have been critical to protecting families and businesses and preventing a larger-scale fiscal crisis in Maryland as we continue to weather the coronavirus pandemic. The American Rescue Act, now on a path to passage in Congress, will provide essential help to ensure families can continue putting food on the table and keep a roof over their heads as the economy slowly recovers.

As the BRE members noted, there are still far too many Marylanders unemployed and struggling, and we know those hardest hit are low-income households and people of color. As the state continues to deploy the expected next round of federal aid, our elected leaders must ensure that continued support gets to those who need it the most.

Policymakers should also ensure the state is well positioned for the eventual drop-off in federal support. Maryland was already under-investing in our schools and other community needs before the pandemic, and community needs will still be great for years to come as our economy recovers. It is still important that we make our tax code more equitable so that small businesses and working families aren’t left further behind and the state has the resources to meet future needs.”

Background materials:

Passing a Fair Tax Plan Would Ease Maryland’s Fiscal Challenges

Lessons From the Great Recession: Policymakers Must Reject Deep Budget Cuts For A Strong Recovery

Closing Corporate Tax Loopholes is Still the Right Choice for a Thriving Maryland

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Kali Schumitz, Director of Communications and Partner Engagement
410-412-9105, ext. 701
kschumitz@mdeconomy.org