Today @peterfranchot put out estimated data on how the #COVIDー19 crisis might impact state revenue. I wanted to share key facts. Its critical to note these are worst case scenarios/projections. Our economy is strong & we'll do everything we can to bounce back. #working4md 1/11

First off, it's critical to say that our state will only reopen based on health & scientific data. We need to do everything to keep our residents safe. No one will spend money or be productive if they or a family member is sick. Testing is key to restarting our economy. 2/11

Again, the data shared here are projections & based on a worst case scenario of the state remaining shutdown through June 30. It looks back to March, when the crisis began. 3/11

Unfortunately, the amount of those filing for #unemployment has jumped by 5200%. We know thousands in MD are hurting. Hopefully the federal $ will help & we have to get it out quick. If you need help, contact me or you can contact 410-949-0022/[email protected] 4/11

Overall, state revenue could drop as much as $2.8b. About $1b comes from with-holding or payroll taxes, $1b from sales tax on goods, & the rest from other areas like the lottery, fees, & casinos. 5/11

Based on 2018 data, it's interesting to note that MD is better off than other states. Entertainment & service sectors are hardest hit, but b/c of our state's high number of federal & professional jobs, we're only projected to lose about 22% of our payroll taxes. 5/11

This means we’ll also be able to bounce back quicker when this is all over. Again, this reflects the strength of the state’s economy & why a highly educated workforce is so important. 6/11

When this is all over, some of the best ways to get things going again will be investments in education, job re-training, innovation, small businesses, & infrastrucutre. These are all priorities for our caucus. #working4md 7/11

Here is the estimated breakdown for the loss of sales tax revenue. Again, hopefully this will improve after we reopen because there will be a lot of pent up demand. 8/11

Clearly, any loss of revenue will mean a drop in state spending. Hopefully this will be helped by support from Congress & smart public health decisions. We have been fiscally prudent & have a sizeable state rainy day fund to help get us through, but times may be tight. 9/11

I pledge to do everything I can to protect services for the most vulnerable & ensure we’re making smart investments to move the state ahead like $ for education/training, business expansion, clean energy, transportation, & infrastructure. #working4md 10/11

I hope this was helpful. We’ll get through this together & hopefully have a chance to build a stronger state! #OneMaryland #InThisTogether 11/11