Gov. Wes Moore Wednesday proposed a budget he said will promote long-term economic growth and provide tax cuts to many, but it will be  balanced on tax increases on high-income earners in the state.

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.

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,

Moore has said the state will face difficult choices in handling its worst financial crisis in 20 years, leading to shortfalls that could reach nearly $6 billion by 2030.

Governor Wes Moore says 82% of Marylanders will see a cut or no change in their taxes, while the richest 18% will see increases. He did not say how much that increase will be.

Moore has also pledged making $2 billion in cuts to help close a $3 billion budget gap, targeting some spending on climate initiatives and government inefficiency.