Joint Republican Caucus Comments on
Governor Moore’s FY 2026 Budget
ANNAPOLIS, MD – The Joint Republican Caucus today issued preliminary comments on Governor Wes Moore’s FY 2026 Budget proposal.
“It is encouraging to see that Governor Moore has made closing the deficit and growing Maryland’s economy a priority,” said House Minority Leader Jason Buckel. “However, parts of his budget plan may be giving with one hand while taking with the other. I am concerned that the tax increases in his budget may hinder our economic growth and not result in the revenues he anticipates.”
“While I would have preferred to see broader structural cuts, I do appreciate the work Governor Moore has done to reduce spending increases,” said Delegate Jeff Ghrist, the ranking Republican member of the House Appropriations Committee. “I am concerned that his plan increases spending and relies on significant tax increases. This opens the door for the General Assembly to go wild with Marylander’s wallets, as they have no real appetite to reduce spending.”
“A millionaire’s tax was tried before and failed, and this ‘half-millionaire’ tax will meet the same fate,” said Senator Paul Corderman, ranking Republican member of the Senate Budget & Taxation Committee. “In 2008, Governor O’Malley and the Democratic-controlled General Assembly passed a millionaire’s tax, and as a result, Maryland lost $1 billion of its net tax base in 2008 by residents moving to other states. That’s income that’s now financing services in Virginia, South Carolina and elsewhere.”
“While we appreciate the Governor’s efforts to stimulate economic development, this budget appears to be a disincentive for small businesses and local job creators,” said Senate Minority Leader Steve Hershey. “The reduction in the corporate tax rate is something we’ve long advocated for, however the increase in the personal income tax will be a direct hit to Maryland’s small business community that file as pass through entities on personal returns.”