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.
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