As The Advocate reported earlier this week, legislative Democrats have made some changes to their tax package in light of the recent slight decrease in the projected deficit from $8.7 billion to $8.55 billion.
The Appropriations Committee just a bit ago voted on a new budget proposal – the Democratic majority’s third this year – that lowers the proposed top income tax rate to 7.0 percent for households earning $500,000 and above. It is currently being discussed by the Finance, Revenue and Bonding Committee.
The current maximum income tax rate is 5 percent. Previously the Dems had sought to impose maximum rates of 7.9 percent, then 7.5 percent.
