Taxes & Fiscal Responsibility

Wade voted against the painful tax hikes enacted in the fall of 2007.  The Governor sold those increases to the public as vital to ensuring the state’s fiscal health, promising that most Marylanders would notice little difference in their family budgets.  Unfortunately, all Marylanders have suffered from the regressive sales tax increase, along with an array of other hikes.

Wade fought successfully to repeal the sneaky tax increases imposed on the computer services industry without any opportunity for public input or reaction.  Together with a new Administration next year, Wade looks forward to rolling back the sales tax increase and promoting real economic growth.

When the General Assembly reconvenes next year, it will begin $2 billion in the hole.  Absent a responsible forward-looking plan to address the dubious spending priorities that have given rise to the current fiscal imbalance, Wade voted against the FY 2011 budget.

The Governor and leadership in Annapolis have attempted to depict spending as the lowest it has been in four years.  This assertion fails to account for $1.3 billion in federal stimulus money and $300 million in transfers from ancillary sources as the Transportation Trust Fund and Program Open Space.

Transfers contained in the federal stimulus package end by next year, while few other state funds remain just large enough to raid again to balance future budgets.  Despite $800 million in specific recommendations from myself and other Republicans, the General Assembly actually added $16 million to Governor’s budget.