Gov. Wes Moore’s new budget proposal would raise taxes on Maryland’s wealthiest residents by adding two new tax brackets at income thresholds the state previously did not account for — a plan that some Republicans worry could backfire.

ANNAPOLIS, Md. (7News) — Maryland Governor Wes Moore released details of his $67.3 billion budget on Wednesday. It relies on $2 billion in cuts to state Government as well as nearly $1 billion in tax increases to close a nearly $3 billion budget deficit.

Maryland Governor Wes Moore is expected to share his FY2025 budget proposal and legislative priorities as the state faces a $2.7 billion deficit, the largest in 20 years.