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Posted inCT Viewpoints

Connecticut sales tax revenue numbers reveal the rich-poor income gap

The state sales tax revenue data for 2020 reflect unexpectedly robust March revenue, and a slightly weaker April than in some recent years. While headlines have focused on the April slump as a sign of the impending fiscal apocalypse, I will try to unpack the March revenue with an eye toward one of its likely sources and why that source may signal continued economic polarization in Connecticut.

Posted inCT Viewpoints

Connecticut municipalities should consider ways to help save their small businesses

The trifecta of extended compulsory closing of businesses, the removal of trillions of dollars of cash from circulation, and a near-zero federal funds rate has rearranged the economic landscape of states, cities, and towns across America in a way that is likely to disrupt and slow recovery efforts after the social effects of the pandemic have passed.

Posted inCT Viewpoints

CT takes fewer taxes from corporations than individuals

I have recently had the privilege of serving on a legislative commission studying Connecticut tax policy. In doing some initial calculations, I observed that our state appears to derive a surprisingly low portion of its total tax revenue from corporate income taxes compared to some other states. Compared to a cohort of other states including New England and all of the east, Connecticut tax policy has looked, over time, substantially less to corporations for revenue and increasingly more to individuals and households.