Maryland Comptroller, Peter Franchot took time out of his busy schedule to talk with Baynet Radio and TheBAYNET.com this past Friday, Aug. 6. During his interviews, Franchot related his thoughts about Maryland’s economic situation and what he plans to accomplish in the coming term as Comptroller.
Franchot was elected to his first term Nov. 7, 2006. Prior to his election, Franchot served 20 years in the Maryland General Assembly, representing the people of Montgomery County. During his time in the Maryland House of Delegates, he was a member of the Appropriations Committee and served as Chairman of the Transportation and the Environment Subcommittee. While there he wrote legislation to lower tuition for Maryland’s two- and four- year colleges and universities and fought for increased funding for education at every level.
He co-authored a Constitutional amendment to protect Maryland’s public parks and fought to raise the state’s minimum wage, to increase access to health care and passed legislation that returned over $500 million to Maryland homeowners.
When talking about Maryland’s economic situation, Franchot stated “The main issue we have here is fiscal discipline. We can’t make social progress without fiscal discipline and with a large structural deficit.”
Franchot explained that he sees his primary duties, over and above collecting taxes is to be an independent, fiscal watchdog for the taxpayers of Maryland. “As a member of the Board of Public Works and Vice-Chair of the State Retirement Board, I have worked to keep Maryland competitive in the knowledge-based economy,” said Franchot. He went on to state that the stated needs to create a climate of economic equality and protect the state’s natural resources.
Since becoming the State’s chief financial officer, Franchot has cracked down on tax cheats, cigarette smugglers and illegal alcohol and motor fuel sales. “We have closed corporate tax loopholes, launched the first-in-the-nation program to ensure that federal contractors are paying their fair share in State taxes and have sought statewide compliance with Maryland’s minority business enterprise participation goals.”
He has also been a leader in the fight to invest State resources in cost effective, environmentally-friendly ‘green’ technologies, and the preservation of pristine parks and open space.
When talking about the office of Comptroller’s need to be an economic steward for the state, Franchot said, “It is no secret that the U.S. and Maryland economies are on shaky ground and most important, American families have grown increasingly doubtful about their own financial security and their increasingly tenuous hold on the American dream.
“In order to stimulate Maryland’s economy, we are working to make sure that the State of Maryland has the resources to invest in our economic growth. That means aggressively enforcing compliance with the tax laws of our State. The better we enforce our tax laws, the more revenue the State of Maryland will have to reinvest in our economy.”
Franchot also believes that the Comptroller’s office needs to ensure tax fairness is part of the economic stewardship effort. “I am a proponent of the Tax Fairness Initiative,” said Franchot. “The initiative will bring our current tax collection technology into the 21st century, and make it harder for tax evaders to undermine our State’s financing system.”
The Comptroller has many more issues and soluti
