The state Senate’s highest-ranking Democrat proposed new taxes on high-value homes and the capital gains of Connecticut’s highest earners.
Gov. Ned Lamont’s goal of completing his first state budget on time could be stymied by his reluctance to order taxes aimed specifically at Connecticut’s wealthiest.
On spending and taxes, Democratic legislators deferred Tuesday to the more moderate fiscal positions of Gov. Ned Lamont, less a surrender than a postponement of a debate still to come.
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.
Members of a key legislative panel will be asked Wednesday to approve a plan that bolsters tax receipts by almost $1.8 billion in the next two year budget, including $540 million in new income taxes on the wealthy and an overhaul of the sales tax.
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.