Comptroller of Maryland Statement on the 2024 Presidential Election

“Last week, more than 140 million Americans, including 2.7 million Marylanders, went to the polls to select our federal representatives, including the next president. I’m grateful to everyone who took the time to vote and to all those election workers, poll watchers, and other volunteers who made it possible. It is no secret that I was a strong supporter of Vice President Harris and believe she would have been an excellent President. No matter who is President, however, I remain committed to working on behalf of all Marylanders to create a state that is more equitable, more resilient, and more prosperous so that every Marylander can reach their full potential.

Maryland’s economy, workforce, and state revenue base are deeply intertwined with the federal government, and presidential elections can have a major impact on our state’s families and businesses. In 2021, there were more than 152,000 federal jobs based in Maryland, representing 4.1% of all Maryland jobs. That same year, federal wages and pensions from over 300,000 Maryland households contributed $31 billion to Maryland’s economy, representing over 10% of all income in the state.

Beyond direct employment, federal contracting and grants support thousands of jobs across Maryland. The Maryland Procurement Playbook, a research report produced by the Nowak Metro Finance Lab at Drexel University on behalf of the Comptroller of Maryland, emphasized and quantified this connection. The report identified $68 billion in federal, state, and local government procurement contracts flowing directly into Maryland, with federal spending accounting for half of those public procurement dollars. The Department of Defense alone represents almost 40% of direct federal procurement in the state, and the federal government awards over $16 billion to Maryland-based firms for performance in other states.

Our agency is also currently collaborating directly with the IRS as one of twenty-three states to offer a free, online tax system for both federal and state taxes. Direct File will be available to over 800,000 eligible Marylanders beginning in 2025. This new system will ensure easier access to filing and enable our agency to collect what is owed in a new way, while also ensuring that Marylanders who qualify for benefits like the Earned Income Tax Credit, can claim them more easily.

With this level of economic interconnectedness between Maryland and the federal government, any change in Administration brings uncertainty. I want to commend our Governor, Attorney General, and General Assembly for their efforts already well underway to identify and respond to any federal changes that might affect our state. Our agency team members – economists, revenue analysts, tax experts, and procurement advisors – will also be continuing to monitor and identify the potential impact on our state of new federal budget, tax, and procurement-related policy proposals.

Everyone at the Comptroller of Maryland remains dedicated to preserving Maryland’s economic stability, forecasting potential threats to its growth, and promoting the economic well-being of our residents no matter who our federal elected officials are. I look forward to continuing to work in partnership with the Governor, Attorney General, Treasurer, General Assembly and others to do all we can to maintain a strong and stable state economy where Marylanders and Maryland businesses can grow and thrive.”