Senate Democrats today plan to roll out a $4.9 billion package of tax hikes on cars, alcohol, income and corporate profits.
According to a budget committee analysis, the Democratic 2010-11 plan includes:
-- Suspending corporate tax breaks scheduled to begin Jan. 1 (worth $2.05 billion)
-- Extending a 0.25 percent income tax surcharge that is scheduled to end Dec. 31. (worth $1 billion)
-- Extending a $217 per dependent reduction in the state's dependent income tax credit, also scheduled to end Dec. 31 (worth $430 million)
-- Raising the vehicle-license fee from 1.15 percent to 1.50 percent of estimated value starting July 1 of this year (worth $1.2 billion)
-- Increasing the state's alcohol tax by an inflation-adjusted amount; these rates currently remain at 1991 levels (worth $210 million) . . . .
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