Gov. Wes Moore’s tax reform plan that would raise hundreds of millions of dollars more from Maryland’s wealthiest earners does not go far enough to offset potentially “devastating” cuts to education,

None of these things are easy. All of them are necessary,” Maryland Gov. Wes aMoore said in a news conference unveiling his plan.

Gov. Moore is aiming to produce $50 million in savings for the state in the current fiscal year. And that's on top of his plan for $2 billion in cuts.

Gov. Wes Moore’s new budget proposal would raise taxes on Maryland’s wealthiest residents by adding two new tax brackets at income thresholds the state previously did not account for — a plan that some Republicans worry could backfire.

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.

Maryland Gov. Wes Moore has included higher income tax rates for taxpayers who make more than $500,000 in his budget plan, as well as about $2 billion in budget cuts to address a $3 billion deficit.

Maryland Governor Wes Moore is expected to share his FY2025 budget proposal and legislative priorities as the state faces a $2.7 billion deficit, the largest in 20 years.