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Friday, March 07, 2014

Statement of Comptroller Peter Franchot Regarding Updated Revenue Estimates

ANNAPOLIS, Md. — The Board of Revenue Estimates met today to write down revenue estimates for fiscal years 2014 and 2015 by $238 million. Comptroller Peter Franchot, as chairman of the Board, released the following statement.

“Today we are writing down our already cautious revenue projections by $238 million. These figures should provide emphatic confirmation of the obvious that this remains the slowest and most anemic economic recovery that most experts can remember. In fact, for far too many Maryland families and small businesses, this hasn’t felt like an economic recovery at all.

The same challenging conditions discussed in previous meetings of the Board remain firmly in place today. Wages and salaries are relatively stagnant; local, independent businesses are struggling to meet payroll, cover mandatory costs and turn a net profit; and working families have cut back their spending because they just don’t have the money.


Anonymous said...

Sounds like a good time to raise minimum wage. Are we a stupid State or what.

Anonymous said...

When taxes are increased on liquor and tobacco consumers will shop in other states.
When sales taxes are increased consumers will shop on line or in lower or NO tax states.
When property taxes increase along with a high state income tax the retired leave the state.
Their solution to the short fall will be to increase taxes.

Anonymous said...

With businesses struggling to meet payroll and cover mandatory costs sounds like he backs a 50% increase in the minimum wage, expansion of the Rain Tax, and more State regs for business and consumers.

Sees that working families are cutting back on their spending; doesn't mention that they are doing so by actively avoiding MD taxes (DE & VA are thankful for MD's lack of foresight as is Amazon and other online suppliers and UPS for the strong increases in deliveries). Now we need to get rid of even more jobs. Maybe if we tax every chicken a nickel we can send an entire industry to other states - along with jobs and tax revenues.

Anonymous said...

10:20 Rightly stated. My buying habits have shifted to Delaware. I buy nothing more in Maryland. I'm looking for a home in Delmar De.

Anonymous said...

Thank you, 10:20, well stated! Along with 10:05. I'm looking at a similar sized city in South Carolina that has the 10th highest growing economy in the nation. Time for a "For Sale" sign!