A number of variables have left Comptroller Kevin P. Lembo concerned about where state tax receipts are headed coming into a crucial forecast following the April 15 income tax filing deadline.
Connecticut income tax
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Lamont’s property tax plan faces steep obstacles at outset
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.
Posted inMoney
Democrats line up to take a swing at Stefanowski’s tax pledge
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.
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Opponents parse ‘reduce’ vs. ‘phase out’ in Boughton’s tax ad
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.
Posted inMoney
Boughton, Stefanowski, have lots of confidence, few details on plans to phase out income tax
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.
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Boughton sketches path to CT income tax repeal
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.
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Plan to revitalize CT runs into doubters of all persuasions
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.
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Surging CT income tax receipts bolster budget reserve
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.
Posted inMoney, Politics
Federal tax changes further polarize debate over state income tax
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.
Posted inMoney, Politics
Federal tax changes could create misleading budget ‘bubble’ in CT
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.
Posted inHealth, Money
Toubman: ‘If we don’t raise revenue somehow, we shred the safety net’
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.
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Boughton: Income tax phase-out is one piece of 10-year plan
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.
Posted inMoney, Politics
House speaker: Deficit too great to rule out income tax hike
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.
Posted inMoney, Politics
CT’s tax revenue plunge bottoms out at $1.5B
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.
Posted inMoney, Politics
CT tax revenue in free fall, adding $1.1B in red ink for next 2 years
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.