Monthly Archives: April 2015

State revenues slip, but tax panel was ready

A legislative panel not only recommended hefty tax increases to balance the next state budget, but also endorsed enough to run up more than $300 million in surpluses by 2017. The reason for doing that became apparent late Thursday when a new report downgraded how much revenue growth the state can count on in its new budget.
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A shorthand breakdown of the new state tax proposal

It’s easy to get lost in the numbers of the new revenue plan a legislative panel recommended Wednesday for the next two-year state budget. For those keeping score at home, here’s a rundown of the major points of the Finance, Revenue and Bonding Committee’s plan. Continue Reading →

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Defying Malloy, legislators pitch a $1.8 billion revenue increase

A key legislative panel broke Wednesday with Gov. Dannel P. Malloy by recommending a plan that bolsters state tax and fee receipts by more than $1.8 billion over the next two fiscal years, including more than $540 million in new income taxes on the wealthy and an overhaul of the sales tax. Continue Reading →

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Amid no-confidence votes, decision looms on college leader’s future

Faculty at four of the state’s public colleges have passed resolutions expressing no confidence in the system’s president, Gregory Gray — an unusual move that puts pressure on the system’s governing board just as the embattled president’s contract comes up for renewal. The contract decision will force the board to evaluate Gray and his plans for the 90,000-student system. Continue Reading →

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Panel will consider plan to boost CT income taxes on the wealthy

The legislature’s tax-writing panel Wednesday will consider recommending an increase in income taxes on Connecticut’s wealthiest households, retroactive to Jan. 1, to help close the large deficit in the next budget, according to sources. The Democrat-controlled Finance, Revenue and Bonding Committee also will consider significantly extending the sales tax to new goods and services as part of a plan to overhaul non-education municipal aid and limit local car taxes. Continue Reading →

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Rowland’s violation of union rights to cost state millions

Nearly 11 years after John G. Rowland’s resignation, Connecticut is being asked to accept a multi-million-dollar settlement of damages arising from the former Republican governor’s layoffs of more than 2,000 unionized state employees, an act deemed illegal by a federal appeals court. Continue Reading →

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Malloy administration shares ideas to fund transportation

Adding 1 percentage point to the sales tax, imposing tolls or even selling some of Connecticut’s transportation assets were among the “potential” options Gov. Dannel P. Malloy’s administration outlined Tuesday to pay for a major transportation overhaul over the coming decades. Continue Reading →

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Appropriations budget may finally spark a spending cap debate

When it comes to state finances, the constitutional spending cap has been the elephant in the room for the past decade. But the leaders of the legislature’s Appropriations Committee took the first step Monday to force a debate on a broken budget mechanism that increasingly promotes fiscal maneuvering, hefty borrowing, secrecy, and forfeiture of federal dollars. Continue Reading →

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