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Maryland legislature closes session, tackling $3.3B deficit with taxes, cuts, and new social programs.
Maryland lawmakers concluded their 90-day legislative session by addressing a $3.3 billion deficit through $1.6 billion in tax increases and $2 billion in spending cuts.
New taxes include a 3% IT services tax and a 2% capital gains tax for those earning over $350,000.
Key legislation also includes subsidies for young adults' health insurance, criminal record expungement, and a commission to study reparations for slavery.
Despite these measures, the state will maintain a rainy day fund of $2.1 billion and a fund balance over $300 million.
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La legislatura de Maryland cierra la sesión, abordando el déficit de $3.3B con impuestos, recortes y nuevos programas sociales.