The latest tax hike measure closely reflects the one the Senate previously advanced. It calls for raising the personal income tax rate from the current 3.75 percent to 4.95 percent, which would generate roughly $4.3 billion. An increase in the corporate income tax rate from 5.25 percent to 7 percent would bring in another $460 million. The surplus revenue could be used to cover the cost of borrowing to pay down unpaid bills, Democrats said. The accompanying budget would have the state spend a little more than $36 billion, about $4 billion more than it currently takes in from taxes.