While the national focus is on the federal tax changes proposed in the One Big Beautiful Bill Act, Maryland has quietly implemented their own tax changes beginning in 2025. Maryland’s new Budget Reconciliation & Financing Act of 2025 (HB 352) rewrites large chunks of the individual income-tax code, most of them aimed squarely at taxpayers who are already in or heading toward the top brackets. These changes have been finalized and are effective beginning with the 2025 tax year. Here’s a summary of the major changes.

Just two days after the first quarter of 2025 ended, President Trump announced sweeping tariffs on countries around the world. These tariffs were significantly higher and more widespread than anyone expected. This led to a sharp sell-off in global equity markets in the ensuing days. We have written a separate post about current market conditions, and you can read that here. While the current market volatility might feel more urgent, we still believe it’s important to review what happened in the first quarter, even though it already seems like a distant memory.

This year was already off to a rocky start in the US equity markets, as I point out in my first quarter market commentary. Then came “Liberation Day” on April 2nd, when President Trump announced significant tariffs on imports from countries all over the world. I’m not going to get into the weeds on what tariffs are or why most economists agree these are going to be harmful to our economy.

Heading into 2024, we were coming off a banner year in the markets. The US stock market was up over 26% in 2023, international stocks were up over 10%, and even bonds were up over 5%. With a big election on the horizon, many investors expressed concern that these strong returns couldn’t possibly continue. The wars in Ukraine and the Middle East were ongoing, and it seemed clear that market volatility had to come back. The average expectation for 2024, according to top Wall Street strategists, was a gain of 1.9% for 2024. And just like last year, those experts were wrong.

I recently had a chance to travel to Kenya for the first time on a retreat hosted by our daughter, Jessie (FloyoFit). While we have been to Africa twice, this time was unique in that my 3-year-old granddaughter, Gracie, was part of the 22-person trip. We spent time in Nairobi, on safari in the Maasai Mara, and remote Lamu Island off the coast of Kenya in the Indian Ocean. Jessie’s retreats always bring together an interesting mix of attendees, plenty of yoga and paddle boarding, and genuinely unique cultural experiences. This one was a fantastic trip on many levels and there were a couple of life lessons I got from it.

This month, we celebrate the 30th anniversary of the firm! Reaching this milestone has gotten me thinking about how well the firm we have created is aligned with my original vision and what has changed in these years. While I was a partner in a nice local CPA firm, I knew I wanted to serve clients in a different way and with a different focus. It was not an easy step to take at age 36 (as my wife Ellen will confirm) with our oldest of three children getting ready to start college soon. But I had a clear vision of what I thought clients needed.