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Franchot Blasts Maryland’s Economic Conditions

September 26th, 2014 by WCBC Radio

Maryland's Board of Revenue Estimates slashed projected tax collections by hundreds of millions of dollars Wednesday, prompting Comptroller Peter Franchot to issue a statement blasting the state's economic conditions and the political climate surrounding them. The Board of Revenue Estimates wrote down projected state revenue by more than $405 million for the 2015 and 2016 fiscal years. Less than half of that, $177.1 million, was written down for the 2015 fiscal year that began in July. The remaining $228 million write-down was for next year's projected revenue. Franchot said in the statement that uncertainty serves as a serious deterrent to economic growth. Franchot listed a number of economic headwinds hitting the state. Wages and salaries are stagnant. Local businesses are struggling to meet payrolls and turn profits. Families have cut back on spending because money is tight or they're worried about jobs…


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