Gov. Lincoln D. Chafee’s first budget has garnered a lot of attention, largely because in addition to anticipated budget trimming, it includes changes to the state’s sales and corporate tax structure.
In addition, while the budget closes the gap in its first year, further into the future, the state starts to see large deficits. Thus, the tax increases that will be implemented in the coming fiscal year 2012 should the budget plan be passed are not enough to balance the state’s taxing and spending down the road.
The question then is, what should the General Assembly do about the governor’s budget plan?