Gov. Larry Hogan last month proposed a multi-part plan that he claims represents "$480 million in tax relief to those Marylanders who desperately need it most." Further, he claims that these cuts will have "a direct, dramatic, and positive impact on our state economy." Neither claim is true. The proposal will reduce Maryland's revenues by $480 million, but, according to my analysis, only put a maximum of $395 million back in the pockets of state residents — most of them fairly wealthy and more likely to save, rather than spend, their extra cash.