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’s wealthiest earners would pay more in state taxes, while corporations and other workers would get a tax cut under a budget plan Gov. Wes Moore will introduce Wednesday — marking the first time the Democrat has thrown his political weight behind policies that could directly impact most Marylanders’ pocketbooks.

Moore has also pledged making $2 billion in cuts to help close a $3 billion budget gap, targeting some spending on climate initiatives and government inefficiency.

Maryland Gov. Wes Moore released a budget plan Wednesday that includes higher income tax rates for taxpayers who make more than $500,000, as well as about $2 billion in spending reductions throughout state government to address a $3 billion deficit.

Maryland is facing a budget crisis and Gov. Wes Moore has said the state is going to have to slash spending and increase revenue to fix it.