First Drug to Show Breakthrough Myocarditis Data. Analysts See Potential 7-10x Upside.

This biotech just delivered a medical first in myocarditis and has a Phase 3 trial fully funded into 2027. Wall Street targets imply massive revaluation ahead.

Maryland governor announces budget framework deal with taxes, cuts

BRIAN WITTE
March 20, 2025

ANNAPOLIS, Md. (AP) -- Maryland Gov. Wes Moore announced an agreement on a state budget framework with the state's Democratic leadership Thursday, criticizing President Donald Trump's tariffs and dramatic downsizing of the federal government while announcing tax increases and cuts to address a $3.3 billion state deficit for the next fiscal year.

The tax increases include a new 3% tax on information technology services, as well as a new income tax bracket for the state's wealthiest residents

"We 've spoken to Marylanders at all income levels about this plan, and there is consensus that if a person is making over $750,000 a year, it is reasonable to ask them to give roughly $1,800 more to help us invest in the success of our state," Moore, a Democrat, said.

The plans also include tax increases on gambling and cannabis, as well as a new 1% tax on capital gains for people with incomes over $350,000.

Moore and other leading lawmakers criticized the Republican president frequently at a news conference at the state Capitol. The governor pointed out that the ratings agency Moody's recently noted that federal cuts pose a greater threat to Maryland than any other state.

"The president has launched a reckless trade war with our allies, including our largest trading partners, and those tariffs could mean over a $2 billion impact on our economy and directly harm our people," Moore said,

He added that Trump dealt a further blow to the state last week by announcing plans to cancel relocating a new FBI headquarters in Maryland.

Republicans said it was wrong to blame the president for the state's fiscal woes, because Maryland's budget deficit existed long before Trump returned to office in January.

"You didn't hear one bit of accountability from any of the Democratic leaders," Del. Jesse Pippy, a Republican who is the House minority whip, said. "You didn't. You heard them blame Trump for every single problem we have in the state, and they just raised our taxes at least a billion dollars."

But the governor emphasized that 94% of Marylanders "will either get a tax cut or see no change in their income taxes." However, he did not provide an estimated average tax cut for those seeing reductions, saying work was ongoing to determine those numbers.

Moore and other leading Democrats, who heavily control the state's legislature, described the budget plan as a much-needed modernization of the state's revenue streams.

"As our economy increasingly becomes digital, this revenue expansion acknowledges the growing role of IT in our daily lives and business operations and the use of technology to replace workers," Senate President Bill Ferguson, a Baltimore Democrat, said. "It also acknowledges that many goods, such as software programs, are now sold as yearly or monthly services."

The new tax would apply to services like website building, as well as services that help people store information on the cloud, such as Amazon Web Services.

Ferguson said the new tax on capital gains will be used to invest in transportation and help add a new revenue stream to the budget, and he linked the new tax to Trump's plan for a tax cut for the wealthy.

"What we do know is that the Trump tax cuts that are focused on billionaires are likely to help those who have done the best, and so this is the right place for Maryland to look to have sustainable investment in our infrastructure and in our budget," Ferguson said.

The plan includes about $2.3 billion in cuts, about $500 million more than the governor included in his initial budget proposal in January. Del. Ben Barnes, a Democrat who chairs the House Appropriations Committee, noted that previous cuts to the Developmental Disabilities Administration have been restored.

Moore described the cuts as the most significant in 16 years, but few details about them were offered at the news conference, an omission sharply criticized by Republicans.

Del. Jason Buckel, a western Maryland Republican and the House minority leader, described it as "very disappointing, the incredible lack of detail."

"Basically all I took away from it was we're going to increase people's taxes," Buckel said. "We're making cuts. We can't tell you what the cuts are."

Lawmakers still have to pass a balanced budget before the end of the legislative session on April 7. The governor described the agreement on Thursday as a framework on its main components, though work remains in the coming weeks.

"This framework will inform the final budget and the final bill that goes from the House to the Senate, and I look forward to signing it when it makes it to my desk," Moore said.

Continue Reading...

Popular

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks - Ad

Futurist Eric Fry say Amazon, Tesla and Nvidia are all on the verge of major disruption. To help protect anyone with money invested in them, he's sharing three exciting stocks to replace them with. He gives away the names and tickers completely free in his brand-new "Sell This, Buy That" broadcast.

Trump-Pardoned Ponzi Schemer Faces 37-Year Sentence For $44 Million COVID Scam

A previously convicted Ponzi schemer who had received a pardon from President Trump is heading back to prison due to involvement in a new fraudulent scheme.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

UK leader Keir Starmer backs his Treasury chief over claims she misled the public about the economy

LONDON (AP) — British Prime Minister Keir Starmer on Monday defended his Treasury chief against opposition claims that she misled the public and the markets about the state of the public finances before .

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two . And impacted consumers have a little over a month left to file a claim for their chunk of the money.

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

Donald Trump Nullifies 92% Of Joe Biden's Autopen-Signed Documents: 'Cancelling All Executive Orders And Anything Else'

Trump moved to invalidate what he claims are most of Biden's autopen-signed actions, sparking political backlash and renewed debate over the legality and precedent of using mechanical signatures for presidential documents.

The Smart Money Copper Trade - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

Dogecoin Cheers Debut Of ETF That Aims To Multiply Its Returns: 'Much Congrats'

Dogecoin (CRYPTO: DOGE) cheered the launch of a new exchange-traded fund on Wall Street on Thursday that aims to provide leveraged exposure to the popular meme coin

Scrapyard workers recount horrific scene after UPS plane crash destroyed their Kentucky business

LOUISVILLE, Ky. (AP) — Supervisor Adam Bowman was loading metal onto a truck at a scrapyard just south of the Louisville, Kentucky, airport when he heard what he first thought was a transformer explosion and quickly realized was more horrific.

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Bill Gates' Daughter Phoebe's AI Shopping Assistant Found Collecting Extensive User Data: Report

Phia, co-founded by Phoebe Gates, has been found collecting extensive user data through its browser extension, raising privacy concerns.

The Market Just Crossed a Dangerous Line - Ad

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Canada's prime minister and Alberta's premier sign pipeline deal that could reverse oil tanker ban

TORONTO (AP) — and the premier of Canada’s oil rich province of Alberta agreed Thursday to work toward building a pipeline to the Pacific Coast to diversify the country’s oil exports beyond the United States, in a move that has caused turmoil in Carney's inner circle.

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

MSNBC's name is being replaced, but its leaders insist that its mission will remain the same

NEW YORK (AP) — Asked what viewers should expect when television's MSNBC makes its from NBC News final this weekend, network president Rebecca Kutler points to a poster on the wall of a conference room at its new offices off Times Square.

Billionaire Cari Tuna on why the organization she started will offer free advice to other donors

For San Francisco-based Cari Tuna, the most important decision a philanthropist can make is deciding . Starting Tuesday, the organization she helped found will offer making those choices.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Walmart raises profit expectations as more Americans hunt deals in sluggish economy

NEW YORK (AP) — Walmart delivered another standout quarter, posting strong sales and profits that blew past Wall Street expectations as it wins over more cash-strapped Americans who have grown increasing anxious about the economy.

Noem Says National Guard Shooting Suspect Was Radicalized In US

DHS Secretary Kristi Noem says that the suspect in the fatal shooting of a National Guard member in Washington was radicalized domestically.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Tesla Wants To Shift Away From China-Made Components For US Cars: Report

Tesla requires suppliers to exclude Chinese parts for US car production. Despite challenges, aim to switch all parts within 1-2 years.

Stock Of The Day: Has The Diginex Reversal Started?

Diginex (DGNX) rises on a strategic alliance with Evident Group to meet demand for sustainability data and tokenized assets.

First Drug to Show Breakthrough Myocarditis Data. Analysts See Potential 7-10x Upside. - Ad

This biotech just delivered a medical first in myocarditis and has a Phase 3 trial fully funded into 2027. Wall Street targets imply massive revaluation ahead.

Scaramucci Says This One US Mistake Helped China Become a Manufacturing Superpower

Anthony Scaramucci recently highlighted what he considers a significant error by the US that enabled China to ascend as a manufacturing superpower.

Peter Schiff Warns Americans Will Be The 'Biggest Losers' When The Crypto Bubble Bursts: 'Being Bitcoin Capital Comes With A Heavy Cost'

Economist and market commentator Peter Schiff said Wednesday that the U.S. is already the world’s Bitcoin (CRYPTO: BTC) “capital,” making Americans the most vulnerable during an inevitable market crash.

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks - Ad

Futurist Eric Fry say Amazon, Tesla and Nvidia are all on the verge of major disruption. To help protect anyone with money invested in them, he's sharing three exciting stocks to replace them with. He gives away the names and tickers completely free in his brand-new "Sell This, Buy That" broadcast.

Elizabeth Warren Warns Trump Making A 'Tremendous Mistake' By Selling Federal Student Loans To Wall Street: 'I'm Fighting Back'

Sen. Elizabeth Warren (D-Mass.) criticized President Donald Trump's plans to sell federal student loans to private companies, warning that the move could create windfall gains for Wall Street, at the expense of taxpayers and average working Americans.

Elon Musk Says SpaceX Will Carry '99% Of All Earth Payload' Once Starship Flies Daily

Elon Musk says SpaceX will handle nearly all of Earth's orbital payloads in the coming years as Starship development continues.

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

What to know about this weekend's G20 summit in South Africa that Trump is boycotting

JOHANNESBURG (AP) — Leaders from the will meet for a summit in this weekend without any U.S. representatives after President Donald Trump announced a boycott over his widely rejected claims that the host country is .

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

Nvidia Faces Growing Pressure As Amazon, Microsoft Support Curbs On AI Chip Exports To China: Report

Amazon and Microsoft are backing new U.S. legislation that would further restrict Nvidia's AI chip exports to China, creating a rare split in the tech industry as lawmakers weigh tougher controls.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright smartmoneytrading.net
Privacy Policy | Terms of Service