The CT Mirror (https://ctmirror.org/tag/income-tax/)
Advocates for social services, labor and municipalities appealed Wednesday for legislators and Gov. Dannel P. Malloy to consider higher income taxes on the wealthy, tolls, a sales tax expansion and other revenue hikes to avert deep budget cuts. Continue Reading →
Gov. Dannel P. Malloy and legislative leaders get down this week to the daunting task of closing the largest state budget gap since the last recession — one that has grown enough over the last two weeks to leave all previous plans massively out of balance. Continue Reading →
Updated at 7:10 p.m.
New reports show dramatically eroding state income tax receipts that could expand the deficit in the next two-year budget by more than $500 million while depleting existing reserves. Although six more days remain before analysts complete their review of April income tax receipts, the new numbers also raise the prospect state government may have to borrow to balance the current budget. Continue Reading →
While Gov. Dannel P. Malloy continues to push spending cuts as the chief solution to Connecticut’s latest budget crisis, his fellow Democrats on one key panel say a more balanced mix of reductions and revenue might be unavoidable. Continue Reading →
Nonpartisan analysts are tracking eroding state income tax receipts that could push the current state budget – and Gov. Dannel P. Malloy’s plan for the next two fiscal years – modestly into deficit. Continue Reading →
A progressive children’s advocacy group has issued the first call for a major tax increase to help solve the state’s latest budget crisis, outlining more than $3 billion in revenue-raising options. Continue Reading →
The final report from Gov. Dannel P. Malloy’s administration on the just-completed fiscal year says the deficit for the 2015-16 fiscal year improved modestly, from about $316 million to $279 million, largely because of a last-minute surge in federal grants. But it also shows further erosion in tax receipts. Continue Reading →
The tentative plan to close a $1 billion hole in Connecticut’s finances starting July 1 also would wipe away more than 40 percent of the red ink threatening state government after the November elections, nonpartisan fiscal analysts reported Tuesday evening. Continue Reading →
Connecticut’s 50 largest state income tax filers reported nearly $3 billion less in quarterly earnings this spring than they did one year ago — which resulted in a $217 million hit to the state’s coffers, the legislature’s nonpartisan fiscal staff reported Wednesday. Continue Reading →
Unstable tax receipts are threatening to dash Democratic legislators’ hopes of adopting a new state budget this week. By midday Tuesday, earlier indications that income tax receipts might be on the rise — based on very preliminary data after the April 18 filing deadline – had evaporated.
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Leaders of the Senate’s Democratic majority announced Thursday they believe there is enough support to pass a plan next week to close most or all of the $220 million deficit in the current state budget. Continue Reading →
While legislators and Gov. Dannel P. Malloy scramble to close yet another hole in the current state budget, the exercise could help them solve a much larger problem. Depending on how they solve this fiscal year’s $220 million deficit — a task lawmakers have pledged to complete Tuesday — the $900 million hole built into 2016-17 finances could be whittled down by nearly one-quarter.
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The arguments surrounding a bill to eliminate Connecticut’s estate tax — a bill not expected to advance this year – might offer a preview of the battle some anticipate next year over the fairness of the state’s tax system. Continue Reading →
Connecticut’s labor leaders insist the writing is on the wall. Barring a dramatic new development, they say, state employees will be asked to grant wage and benefit concessions for the third time in seven years. But that doesn’t mean workers are ready to endorse more givebacks. Continue Reading →
Declaring that weak income tax receipts opened the second major state budget deficit in two months, Gov. Dannel P. Malloy took a new approach Monday, calling for bipartisan negotiations to cut spending, stabilize state financing and address the deeper question of how much government Connecticut can afford. Continue Reading →