Connecticut received a key approval Friday for a new hospital taxing arrangement designed to draw $150 million in new federal money annually into the state’s coffers. Continue Reading →
Feds OK first stage of new Connecticut hospital taxing system
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Budget/Economy
The Connecticut Mirror provides comprehensive coverage of the state and federal budgets as well as Connecticut’s economy. Find all of our stories on those topics here.
For a deeper look at Connecticut’s state budget crisis, read Keith Phaneuf’s acclaimed five-part series, “A Legacy of Debt.”
Recent Posts
Proposed CSCU budget would tap reserves to avert another tuition hike
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A key panel within Connecticut’s consolidated higher education system endorsed the framework for a new budget Wednesday that maintains the tuition schedule but would reduce dangerously low emergency reserves. Continue Reading →
Filed under: Budget/Economy, Higher Education, Schools/Child Welfare, Board of Regents for Higher Education, community colleges
Malloy veto of education funding bill likely will stand
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Legislative leaders are leaning against attempting to override Gov. Dannel P. Malloy’s latest veto. The reason: they included what effectively amounts to duplicate language in a second bill the governor already has signed. Continue Reading →
Filed under: Budget/Economy, K-12, Politics, Schools/Child Welfare, Connecticut state budget, lapse, municipal aid, veto
Malloy vetoes ECS bill, declines to sign health measure
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Gov. Dannel P. Malloy on Friday vetoed a bill that would have prohibited him or future governors from cutting education-cost sharing grants to cities and towns as a means of addressing a budget shortfall that develops during the fiscal year. He also allowed a bill to become law without his signature, a first for the governor. Continue Reading →
Filed under: Budget/Economy, Health Care, Politics, ECS, health insurance, rescissions, vetoes
Wealthier students benefit from art, music over summer while poor kids miss out
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More affluent kids are about twice as likely to visit a museum, art gallery, or historical site or see a play or concert over the summer, as compared with their peers from low-income families. That’s according to a new analysis released this month by the federal government, illustrating disparities in out-of-school experiences, which may be exacerbated by rising income inequality. Continue Reading →
Filed under: Budget/Economy, Early Childhood Education, K-12, Schools/Child Welfare
Among Connecticut cities and towns, the wealthiest are the big spenders
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While Connecticut’s distressed cities often are perceived as having bloated budgets, the wealthy suburbs easily outspend their urban neighbors on a per capita basis, sometimes by margins nearing two-to-one. More importantly, shrinking state aid, a lack of revenue diversity and an over-reliance on a regressive property tax system threaten to widen tremendous disparities that already exist between Connecticut’s poorest and richest communities. Second in a series. Continue Reading →
Filed under: Budget/Economy, Economic Development, Extreme inequality: Connecticut’s wealth dilemma, K-12, Politics, Regional Planning, Schools/Child Welfare, Urban Development
Already deep in debt, Connecticut struggles with extremes of wealth and income
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The growing gap between Connecticut’s richest and poorest citizens, which already outstrips that in most other states, has widened dramatically since the last recession. While only the most affluent households improved their standing, the rest lost ground. How to address this inequality and a crushing state debt at the same time will be at the core of Connecticut’s political debate for years to come. First in a series. Continue Reading →
Filed under: Budget/Economy, Extreme inequality: Connecticut’s wealth dilemma, Health Care, Higher Education, K-12, Labor, Politics, Regional Planning
Connecticut ‘locks’ into new budgetary restraints in three weeks
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In less than three weeks state government will contractually bind itself to a new series of budgetary controls for the next five years despite numerous warnings the maneuver could cause fiscal chaos. Continue Reading →
Filed under: Budget/Economy, bond lock, bonding, bonding cap, Connecticut state budget, revenue cap, spending cap, volatility cap
Himes splits with CT Dems on Dodd-Frank changes
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WASHINGTON – Rep. Jim Himes split from other Connecticut Democrats Wednesday in supporting a bill that pares down several restrictions of the 2010 Dodd-Frank bill, a law imposed on U.S. banks and other institutions after the global financial crisis. Continue Reading →
Filed under: Budget/Economy, Politics, Washington, banks, community banks, consumer protections, Dodd-Frank, Economic Growth
IRS to crack down on Connecticut tax workaround
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WASHINGTON – The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue regulations to rein in an attempt by Connecticut and other states to get around a new limitation on the deductibility of state and local taxes. Continue Reading →
Filed under: Budget/Economy, Politics, Washington, Connecticut workaround, deductions, Internal Revenue Service, notice, SALT taxes
Malloy to open sports betting talks with tribes
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Gov. Dannel P. Malloy said Tuesday he will try to resolve who has rights to sports gambling — the tribal owners of the state’s two casinos, licensed off-track betting parlors or other vendors chosen by the state, or a mix of the two — before calling the General Assembly into special session to consider legalizing wagering on sports. Continue Reading →
Filed under: Budget/Economy, Foxwoods Resort Casino, gambling, Mashantucket Pequots, Mohegan, Mohegan Sun, sports betting
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
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WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS. Continue Reading →
Filed under: Budget/Economy, Politics, Washington, charitable contributions, Dannel Malloy, Donald Trump, Fairfield, federal deductions
With new budget in place, Malloy cancels rail, bus fare hikes
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Gov. Dannel P. Malloy’s administration has canceled planned rail and bus fare hikes now that legislators have adopted a new budget with added resources for the Special Transportation Fund. Continue Reading →
Filed under: Budget/Economy, Transportation, fare increases, Special Transportation Fund, tolls
Supreme Court prompts state to reconsider sports gambling
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WASHINGTON — The Supreme Court on Monday cleared the way for supporters of the legalization of sports betting in Connecticut to make another attempt to authorize this type of gambling in the state, prompting Gov. Dannel P. Malloy and House Speaker Joe Aresimowicz to say they would support a special legislative session to revisit the issue.
Continue Reading →
Filed under: Budget/Economy, Politics, Washington, Dannel Malloy, gaming compact, Joe Aresimowicz, Major League Baseball, Mashantucket Pequot
Regents: Extra state funds not a cure-all for a system in crisis
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A last-minute boost in state funding won’t stave off a looming fiscal crisis for Connecticut’s public colleges and universities, the Board of Regents for Higher Education reported Thursday. Continue Reading →