Amazing Achievement! This the 4th Year that Governor Hogan’s Budget Plan Includes No Tax Increases
For the fourth year in a row Governor Hogan’s budget plan includes no tax increases and record funding for K-12 education. The Governor’s FY2019 budget would spend an unprecedented $6.5 billion total on schools, more than called for in state formulas. Every single school system in the state of Maryland will see increased investment by the state.
Governor Hogan's focus on reining in state spending and rolling back tax increases has put the state in far better shape than it would have been otherwise, but his work is not done.
84% of state tax revenue is mandated and prevents far more dollars from being returned to Marylanders’ pockets. To combat this problem, Governor Hogan has introduced the "Common Sense Spending Act of 2018."
Here are some other highlights:
- $25 million in funding for the Maryland Economic Development Assistance Authority and Fund (MEDAAF) to attract and grow businesses
- $10 million in funding for two new tax credits established under the "More Jobs for Marylanders Act"
- No raising of special funds
- Fully funding the Chesapeake and Atlantic Coastal Bays Trust Fund
- Increased funding for the Rural Maryland Prosperity Investment Fund
- $13.7 million added to the nearly $160 million funding to combat the heroin and opioid epidemic
- $365 million in school construction funding - the largest investment in school construction funding in a decade
Since taking office, Governor Hogan has pledged to bring fiscal restraint to Annapolis and hold the line on spending. He has done this and will continue to do so as evidenced by his proposed fiscal year 2019 budget.
Commenting on the Hogan budget, House Minority Leader Nic Kipke and Minority
Whip Kathy Szeliga said:
“The information that came from the Comptroller’s Office this morning confirmed what we already knew to be true,” adding that “The Republican-led effort to cut taxes on the federal level will allow Marylanders to keep significantly more of their hard-earned money. Marylanders will be paying $2.8 billion less in federal taxes as a direct result of the Tax Cuts and Jobs Act.”
“Democrats have made Maryland one of the highest-taxed states in the country,” said House Minority Leader Nic Kipke. “Our hardworking taxpayers do not need another tax hike. I urge Democratic leaders to support the Governor’s simple, fair and honest approach that will hold the line on taxes and allow Marylanders to fully benefit from the federal tax cuts without being penalized on their state taxes.”