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.

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.

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.

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.

An overhaul of Maryland’s personal income taxes would give two-thirds of filers an average tax cut of about $173 while raising hundreds of millions of dollars more from those making more than $500,000 under a budget plan proposed Wednesday by Gov.

Governor Wes Moore announced new details on his tax plan for the 2026 fiscal year. "We're going to introduce a new package that for two thirds of all Marylanders, they're about to get a tax cut," said Governor Moore to a group of reporters.