Maryland’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $11.8 billion higher than it would have had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $27.3 billion too much.
- The 2023 all funds budget is $21.2 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $71.7 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $46.78
- FY 2025 Only State Funds Budget Limit ($ Billions): $49.30
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 5.39%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $1,902
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $7,609
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $4,423
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $17,691
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $69.75
- FY 2025 All Funds Budget Limit ($ Billions): $73.51
- FY 2025 All Funds Budget Limit Growth ($ Billions): 5.39%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 3,430
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 13,722
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 11,599
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 46,396
Other Considerations
- Economic Freedom of North America (2021) (Rank): 37 [Fraser Institute]
- Economic Freedom (2022) (Rank): 44 [Cato Institute]
- Fiscal Policy (2022) (Rank): 35 [Cato Institute]
- Regulatory Policy (2022) (Rank): 47 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $4,091 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 14 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $7,680 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 11.3% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 35 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 5.75% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 30 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 45 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 8.25% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 41 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 6.00% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 11 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 1.05% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 20 [Tax Foundation]
- Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $14,136 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 34 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 8.6 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 11 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 9.7 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 33 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 65.20% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 11 [Bureau of Labor Statistics]