O’Malley outlines $311 million in new revenue

Posted: 10:34 am Wed, January 18, 2012
By Associated Press

ANNAPOLIS — Gov. Martin O’Malley is outlining a budget plan that includes about $311 million in new revenue.

O’Malley said Wednesday that about $182 million will come from capping income tax deductions and phasing out exemptions for high-income earners.

O’Malley says two out of 10 state residents will pay more taxes. He says a family with an income of $150,000 a year will get about $191 less back.

About $19 million will come from aligning the state’s cigarette tax with other tobacco products.

O’Malley also says the state’s capital budget is robust. He estimates it will create about 51,000 jobs in the construction sector.