“Closing the projected budget gap for fiscal year 2029 — which is about five years away — would require increasing sales tax revenues by 30% or individual income tax revenues by 12%, according to estimates the department provided “for illustrative purposes.”

Department staff members advised state lawmakers that beginning to reduce ongoing spending in the next fiscal year is “essential” to avoid a “fiscal cliff” in the coming years.”

Democratic lawmakers decline to rule out tax hikes for next year’s budget