Details of the budget deal reached today by legislative Democrats and Republicans have not been officially released, but the leaks have begun. Republicans are saying the budget is a "no new taxes" budget. Of course, that's not the truth.
Tax rates don't increase under this budget, but that doesn't mean the budget doesn't raise taxes. Instead, this budget will rely on borrowing and gimmicks that inevitably force tax increases in the future. In fact, this unbalanced budget will add to the state's debt and debt service costs, which cuts into the amount of the budget that can be spent on actual government services. In the end, people will pay the same tax rates, but they will get less in services. That's right -- less services for the same money. That's a tax increase in disguise.
