But the state can refrain from lifting the temporary surcharge on very high incomes.
The plan would entail an increase in the sales tax and a temporary surcharge on state residents who make $150,000 or more.
Previously, he had suggested a temporary surcharge on corporations.
The tax cuts were never delivered; instead a "temporary surcharge" was imposed in 1978.
In 2012 a special temporary surcharge was introduced as part of austerity measures to balance the budget.
It also includes a temporary surcharge on those residents who earn an adjusted annual gross income of $150,00 or more.
It proposes creating new top brackets for those with high incomes, a temporary surcharge and other changes.
The revenues rose in the current fiscal year only because the state imposed a temporary surcharge.
"The law established this as a temporary surcharge, dependent on the condition of the economy," he said.
Airline fares, however, fell in January despite temporary surcharges to cover rising fuel prices.