2014 Governor's State of the State speeches: on Tax Reform

Martin O`Malley: Cut $9.1B spending with no fee nor tax increases

Since that time, the O'Malley-Brown Administration has used the challenge of these times to make our government more efficient, and more effective. We have cut spending by $9.1 billion dollars. Today, we now have the smallest executive branch since 1973--and the budget I presented to you last week puts us on a track to totally eliminate that structural deficit without the need for any new fees or taxes.

We remain one of only seven states that has maintained a triple-A bond rating all through the recession, and to this day. We have built up our Rainy Day Fund to $800 million dollars, and we have placed this year in our general reserve an operating surplus of $37 million dollars.

Chris Christie: Cap property tax and interest arbitration awards

But the job is not finished. Property taxes are still too high. So today, I ask for you to join me in enacting a new property tax relief initiative that tackles the root causes that are driving up property taxes in the first place.

First, some context: the 2% cap we've already enacted has worked for a reason. We've done it by controlling costs. We accompanied it with reform of an interest arbitration award system that needed fixing.

As you know, the interest arbitration cap was not permanent--it is set to expire this April, unless we act. So I ask you today, let us renew the cap on interest arbitration awards and make the cap permanent.