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Franchot Wants Stop on Tax Hikes

November 29th, 2012 by WCBC Radio

The Board of Revenue Estimates has determined that May tax hikes are helping drive a $181 million uptick in Maryland revenues forecast this fiscal year. However,  state financial officials are still concerned that Congress has not acted to keep the national budget from falling off a fiscal cliff in 2013, with expiring tax cuts and mandatory spending reductions sending the economy into a second recession. Comptroller Peter Franchot, chair of the revenue board, said, the estimates represent a snapshot of a Maryland economy that remains fundamentally fragile, and a national recovery that is anemic at best. Franchot, who is considering a run for governor in 2014, says he will strongly recommend to the governor and the general assembly that no additional tax hikes or fees be implemented anytime soon.

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