Don't Forget About the Taxes!
Attention has turned to the many non-fiscal policy items in the budget bill that would drive up costs to businesses and families. However, the current budget proposal also includes new taxes on phone bills, investments, and gasoline. Altogether, there are nearly $2.1 billion in tax and fee increases in the current budget proposal. Just a few months ago, new taxes were imposted on job providers and patients in hospitals. Even with all this taxing and an influx of federal stimulus dollars, the structural deficit of this budget is $2.3 billion dollars.