The CT Mirror (https://ctmirror.org/tag/connecticut-income-tax/)
While Democratic gubernatorial nominee Ned Lamont’s tax relief plan is less grandiose than that of GOP rival Bob Stefanowski, it still remains unclear whether Lamont can pay for that plan given the huge deficit looming in post-elections state finances. Continue Reading →
Connecticut Democrats stepped up their campaign Tuesday to fill in the gaps of Republican gubernatorial nominee Bob Stefanowski’s promise to phase out the state income tax over eight years — arguing it would come at a steep cost to local schools, municipalities and property taxpayers. Continue Reading →
A new Facebook ad from Republican gubernatorial candidate Mark Boughton says he would “reduce” the state income tax, prompting two opponents Friday to question whether the Danbury mayor had abandoned his pledge to phase out the tax over a decade. The Boughton campaign says nothing has changed. Continue Reading →
GOP gubernatorial contenders Mark Boughton and Bob Stefanowski say they would phase out the state income tax. But their rivals say those claims are false given that Connecticut faces huge projected deficits, skyrocketing pension costs and a controversial benefits contract that runs for nine more years. Continue Reading →
Republican gubernatorial contender Mark Boughton upped the ante Monday in his plan to phase out the state income tax, pledging more than $380 million in taxpayer relief in his first two-year budget. Continue Reading →
A much-anticipated report on stabilizing state finances and jump-starting Connecticut’s economy isn’t likely to get far before legislators adjourn in early May to run for re-election. Continue Reading →
An anticipated surge in state income tax receipts has bolstered Connecticut’s emergency reserves to nearly $900 million. But it remains unclear how much of that windfall is lasting — and how much is only an advance payment of funds Connecticut otherwise would receive in mid-April. Continue Reading →
Now that Congress has passed a massive federal tax overhaul, political observers here agree it could have a chilling effect on future proposals to raise the Connecticut income tax — even 14 months from now when a huge deficit looms in state finances. But liberals and conservatives were split over whether this is a good thing, as huge pressures are projected to test state finances in unprecedented fashion in the coming years. Continue Reading →
Gov. Dannel P. Malloy’s administration warns the scramble to adjust to federal tax changes could produce a one-time revenue bubble here that might fool state legislators into underestimating serious problems with Connecticut’s finances. Continue Reading →
Attorney Sheldon V. Toubman of the New Haven Legal Assistance Association is one of Connecticut’s most ardent advocates for social services. In this week’s Sunday Conversation, he speaks with The Mirror about efforts of social service advocates to press for state tax increases to help close projected budget deficits and proposals to increase the income and sales taxes. Continue Reading →
DANBURY — As he explores a third campaign for governor, Republican Mayor Mark Boughton is testing a message not seriously proffered in two decades: a call for elimination of the state’s tax on wages. He says it’s not a stunt, but voters will have to wait to hear how he thinks Connecticut could get by without nearly half its revenue. Continue Reading →
While insisting he remains very sensitive to the economic risks posed by another state income tax increase, a House Democratic leader said Tuesday he would not rule out another hike — including one on wealthy households — given the massive deficits projected for state finances. Continue Reading →
Updated at 3 p.m.
Analysts for Gov. Dannel P. Malloy’s adminstration and the legislature’s nonpartisan Office of Fiscal Analysis downgraded anticipated revenues for the next two fiscal years by $1.46 billion — nearly $600 million next fiscal year and $865 million in 2018-19 — largely because of eroding income tax receipts. Continue Reading →
Plummeting state income tax collections reached their worst decline Thursday since the last recession, falling $450 million below anticipated levels for April — one-and-a-half times the free fall projected just one day ago. Continue Reading →
Gov. Dannel P. Malloy took a political blow this April when plunging income tax receipts nixed his plans for an election-year rebate. But according to a new report from a nationally recognized public-policy, think-tank, Connecticut officials had lots of company nationally dealing with tax deadline chaos.
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