Gov. Ned Lamont proposed a lean $22.3 billion budget Wednesday that would push Connecticut’s emergency reserves close to $3 billion while keeping taxes largely flat.
Democratic gubernatorial nominee Ned Lamont unveiled a jobs plan Wednesday centered on three business tax cuts — and a previously disclosed middle-class income tax break — none of which he could provide without solving a much-larger state budget deficit.
Progressive Democrats in the General Assembly pushed back Friday against the state’s new fiscal stability panel, charging its recommendations shortchange key priorities, like poor cities, education and social services.
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.
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.
WASHINGTON – The U.S. House on Thursday approved a wide-ranging overhaul of the federal tax code that will lower taxes for many in Connecticut, while hiking them for some, especially in middle-class tax brackets. The Institute for Taxation and Economic Policy said 305,000 Connecticut households earning less than $197,000 would see a tax increase under the bill.
WASHINGTON — Connecticut Commissioner of Revenue Services Kevin Sullivan says the House GOP tax bill “could provide some economic stimulus…for states like Connecticut,” but he also said the plan is “fundamentally flawed” and that many in the state would end up owing more in federal income taxes.
WASHINGTON — President Donald Trump’s framework for a tax overhaul would cut the top rate corporations pay from 35 to 20 percent, but many corporations – including some headquartered or with a large presence in Connecticut – already are paying less than the corporate rate. There are also questions about Trump’s pitch that cutting the corporate rate would help American families.
Majority Democratic legislators want Connecticut to invite businesses to pay more taxes — voluntarily — next spring — in exchange for a contractually guaranteed tax break down the road, according to several sources within the House and Senate Democratic caucuses.
The company says Boston was selected “after a careful evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world and proximity to other important company assets.”
Gov. Dannel P. Malloy and his fellow Democrats in the legislature’s majority said Thursday they believe they had reached the essence of a deal to mitigate state budget deficits and offer modest tax relief to businesses. Malloy announced he would call the General Assembly into special session on Tuesday in the hopes of adopting the package.
State budget talks made little progress Wednesday but will continue for at least one more day as legislators from both sides conceded a self-imposed deadline is nearly upon them. Gov. Dannel P. Malloy also hopes to extract new business tax relief from these talks and confirmed he continues to talk with General Electric in hopes of keeping the major corporation in Connecticut.
While state legislators were upbeat after a second round of budget talks Tuesday with Gov. Dannel P. Malloy, they conceded that a proposal to offer retirement incentives to state workers — though not dead — had been weakened considerably.
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.
A public hearing on how to reform Connecticut’s tax system evolved Wednesday — at least in part — into a critique of the $1.3 billion tax hike built into the two-year state budget legislators and Gov. Dannel P. Malloy approved earlier this summer.