Patrick Set To Submit Budget That Includes $1.9 Million In New Taxes
BOSTON (AP) — Gov. Deval Patrick is putting the finishing touches on his budget request for the fiscal year that starts on July 1.
Patrick has already said he plans to call for an increase in the state income tax from 5.25 percent to 6.25 percent, while lowering the sales tax from 6.25 percent to 4.5 percent. The net $1.9 billion in new tax revenue would help pay for major education and transportation initiatives he outlined last week.
Patrick is scheduled to unveil the full fiscal 2014 spending blueprint on Wednesday.
Administration officials and leaders of the House and Senate Ways and Means Committees have agreed on a $22.3 billion tax revenue forecast — not including any new taxes.
Patrick recently revised downward by $540 million the tax estimate for the current year and ordered state agencies to trim spending.
Copyright 2013 The Associated Press.