The individual income tax, retail sales tax, and State Lottery are the three largest sources of general fund revenue. Other sources include the corporate income tax and other business taxes, alcohol and tobacco taxes, and miscellaneous taxes and fees.
What is Maryland’s main source of income?
In 2021, Maryland’s Gross Domestic Product (GDP) was $438.2 billion, up from $410.7 billion in 2020. The largest sector in 2021 was government, followed by finance, insurance, and real estate, and then professional and business services.
How much money is Maryland in debt?
U.S. Census Bureau
| [hide]Total fiscal year 2015 state debt, U.S. Census Bureau | ||
|---|---|---|
| State | Total state debt | State debt per capita |
| Maryland | $26,592,571,000 | $4,436 |
| Delaware | $4,964,915,000 | $5,259 |
| Pennsylvania | $47,052,095,000 | $3,678 |
What is Maryland’s industry?
Maryland’s leading industries by employment are health care and social assistance, state and local government, retail trade, and professional and technical services. Maryland’s Gross State Product (GSP) was $295.4 billion in 2010.
Where do Maryland tax dollars go?
Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
What are the 3 major industries of Maryland?
MARYLAND’S LEADING INDUSTRIES
- BIOPHARMA & LIFE SCIENCES.
- CONSTRUCTION.
- CYBER.
- ENERGY & UTILITIES.
- MANUFACTURING.
Is Maryland a poor state?
Maryland is ranked as the No. 1 richest state in America due to its median household income, poverty rate, and unemployment.
How much does Maryland spend on welfare?
National per capita direct general expenditures were $10,161. Maryland’s largest spending areas per capita were elementary and secondary education ($2,389) and public welfare ($2,303).
What is overlapping debt?
Overlapping debt refers to the financial obligations of one political jurisdiction that also falls partly on a nearby jurisdiction. Overlapping debt is common in the U.S. because most states are divided into numerous jurisdictions for different tax purposes, such as building a new public school or building a new road.
What is Maryland’s biggest export?
Made-in-America Manufacturing Exports from Maryland and Jobs
The state’s largest manufacturing export category is transportation equipment, which accounted for $2.4 billion of Maryland’s total goods exports in 2018.
What is Maryland’s biggest crop?
Vegetables total 29,339 acres in Maryland with sweet corn leading the way followed by watermelon at over 3,700 acres. The 2017 Census of Agriculture results are out, and Maryland shows its diversity, with poultry, an array of crops, vegetables, and floriculture ranking high for a small state.
What is Maryland’s religion?
Roman Catholic
During the colonial area, Maryland was one of the only colonies to have a Roman Catholic majority, and that still holds true today. The majority of religious residents identify as Roman Catholic, with Protestant denominations like Baptist and Methodist making up the majority of the remaining residents.
What do states spend the most money on?
What do state and local governments spend money on? State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
What percent of tax money goes to education?
How does it get spent? It might surprise you to know that only about 2 cents of that dollar goes to education. How does the government arrive at that figure? Many of the expenditures in the federal budget are mandatory, like Social Security, Medicare, Medicaid, and servicing the national debt.
What do local taxes pay for?
Local taxes fund government services including police and fire services, education and health services, libraries, road maintenance, and other programs and projects which benefit the community at large. Many of these services also receive federal funds in the form of grants.
Who is the largest employer in Maryland?
The largest private employers in Maryland in 2021 were The Johns Hopkins University and The Johns Hopkins Hospital and Health System; the University of Maryland; and the University of Maryland Medical System.
What are 5 interesting facts about Maryland?
5 Interesting Historical Facts About Maryland
- The First Marylanders Were Native Americans. That’s right!
- Maryland Became a British Colony in 1634.
- St.
- The U.S. National Anthem Was Written in Maryland.
- Baltimore Received the First Long-Distance Telegram.
What is Maryland known for manufacturing?
The highest employment of 2020 in Maryland was in the computer and electronic products industry (20,134 jobs), followed by food manufacturing (17,008 jobs), chemical manufacturing (13,807 jobs), and fabricated metal products (7,879 jobs). Total wages paid in 2020 were $9.26 billion.
What is the poorest city in Maryland?
Baltimore City has the highest poverty rate in Maryland, at 21.8% of its population, while Calvert County has the lowest, at 5.1%. The areas with the highest rates of poverty are Baltimore City and Somerset and Allegany counties.
What is America’s poorest state?
Mississippi
Mississippi. Mississippi is the poorest U.S. state, with 18.8% of its residents living in poverty. The state also has the highest child poverty rate, with 27.9% of its under-18 population meeting federal poverty guidelines. Fifteen percent of residents are food insecure.
What are the 10 poorest states in the US?
These states and territories have the highest percentages of poverty in the country: Mississippi, Louisiana, New Mexico, Kentucky, Arkansas, West Virginia, Alabama, the District of Columbia, South Carolina, and Georgia.