State Senate Proposes $918 Million in New Taxes UPDATE Make That $950 MM

The Senate is releasing its budget now. Here's a link to the overview. They went higher than I thought they would on taxes.

NEW REVENUE -- $918 MILLION
 
The Senate budget incorporates a net increase of $918 million in new revenue.  The main
components of the Senate revenue package are three pieces of legislation that:  (1) narrow or
eliminate numerous current tax preferences or "tax loopholes" ($518 million); (2) impose a temporary 0.3 percent sales/use tax increase ($313 million); and (3) the cigarette tax by $1 per package ($86 million).       

 Next ... the House at noon.

UPDATE The Senate plan raises $950 million, reduced to $918 after accounting for the costs of the working family tax credit they use to offset the sales tax hike and a tax credit for small businesses that add jobs.