After a decade of serious discussion, the Connecticut General Assembly wisely conformed our state’s corporate income tax policy to that of 24 other states by adopting a common sense policy known as mandatory combined reporting. But some corporations that exploit its absence to avoid paying their fair share are making a last-ditch effort to persuade policymakers to reverse the decision. That would be a mistake.
According to several sources close to the bipartisan talks that begin today, Gov. Dannel P. Malloy’s administration will suggest a modest business tax cut to improve Connecticut’s economic climate.
The committee studying Connecticut’s tax system will host a series of telephone conference meetings next week, and members of the public interested in listening to those briefings can do so at the headquarters of the state Office of Policy and Management.
As we have observed this budget debate, which seems more vitriolic than past years, we question whether there is a mechanism in place where business and government, alongside our nonprofits, can look at the social service needs of our communities. It seems that we must find new ways to work together to support our safety net while also meeting the needs of businesses that must focus on the return to their shareholders.
Contrary to the loud complaints of some in the corporate community, the state budget does not impose outsized demands on big business. When corporations complain of high business taxes, they are elevating fiction over fact. Let’s push back against the fear, exaggerations and misinformation and stick with the basic facts. No changes in the state budget should be considered in next week’s special session.
Gov. Dannel Malloy’s recent $40 billion biennial budget proposal for the State of Connecticut contained some reasons for optimism for many in Connecticut. Cities and towns saw a small but unexpected increase in vital state aid, a proposed reduction in the state sales tax could bring some relief to every Connecticut resident and the unveiling […]
In his open letter to Gov. Dannel Malloy, the president of a Danbury manufacturing firm explains why he is outraged at state spending and tax policies that make Connecticut an expensive and unwelcoming place to do business; and why he is contemplating moving his company to a more friendly state.