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.

Moore said the brunt of the tax increases will be shouldered by Marylanders with a household income north of $700,000 a year. In 2023, more than 18% of Maryland households were estimated to earn $200,

None of these things are easy. All of them are necessary,” Maryland Gov. Wes aMoore said in a news conference unveiling his plan.

Governor Wes Moore promised his budget will have $2 billion in cuts, while the General Assembly will work to close the remaining $1 billion of the deficit.

Maryland’s wealthiest earners would pay more in state taxes, while corporations and other workers would get a tax cut under a budget plan Gov. Wes Moore will introduce Wednesday — marking the first time the Democrat has thrown his political weight behind policies that could directly impact most Marylanders’ pocketbooks.

As energy demands continue to grow, Maryland state leaders, along with energy officials, are working to find long term solutions.During presentations in Annapo

Maryland Gov. Wes Moore has included higher income tax rates for taxpayers who make more than $500,000 in his budget plan, as well as about $2 billion in budget cuts to address a $3 billion deficit.

For several weeks, Moore has telegraphed the upcoming budget cuts and ‘revenue’ increases to solve the state’s $3 billion deficit. He has blamed the deficit on the previous administration's ‘overspending’ while not growing Maryland’s job base and economy.

Maryland’s Legislative Black Caucus is prioritizing a slate of bills aimed at equity and justice reform for Maryland youth, all while pushing to reverse Gov. Wes Moore’s proposed cuts to

Without selling the tax increases that the governor unveiled in his $67 billion budget proposal on Wednesday, Moore faces making even deeper cuts to balance the state’s finances.

Maryland lawmakers are bracing for a fiscally challenging legislative session. The 90-day session begins Wednesday.