The CT Mirror (https://ctmirror.org/tag/income-tax/)
In a major move toward a bipartisan budget compromise, Republican legislators recommended more funding for social services, higher education, transportation and municipalities — and agreed to help pay for them by tapping about $300 million of this spring’s income tax windfall. Continue Reading →
Updated at 6:30 p.m.
Saying Republican legislators are dragging their feet on budget talks, Democratic legislative leaders tried to re-kindle negotiations Tuesday with Gov. Dannel P. Malloy and explore crafting a budget without the GOP. Continue Reading →
If April state income tax receipts continue to grow, will legislators be tempted to abandon a new capping system that compels the state to save, rather than spend, much of these funds? Continue Reading →
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. Continue Reading →
Democratic and Republican legislative leaders, who returned this week to the Capitol to open the 2018 session, conceded they are sharply divided on how to wipe more than $400 million in red ink off Connecticut’s books. And while they also pledged to reach for a bipartisan compromise, no one expressed optimism this would be achieved before Connecticut’s next governor takes office 11 months from now.
Continue Reading →
Gov. Dannel P. Malloy will use the final budget proposal of his tenure next week to urge lawmakers to close a nearly $165 million gap in next fiscal year’s finances and mitigate much larger shortfalls facing his successor. Continue Reading →
Gov. Dannel P. Malloy warned Thursday that the sweeping federal tax changes under consideration on Capitol Hill would devastate both Connecticut’s and the nation’s economies. Continue Reading →
While the new state budget promises an array of tax cuts two and three years from now, it also leaves the next governor and legislature to close a $4.6 billion projected shortfall — far larger than the deficit lawmakers addressed in the current plan. Continue Reading →
With the final flourish of a veto-proof margin, the House of Representatives voted Thursday to give final legislative passage to an overdue, bipartisan budget crafted without the direct involvement of Gov. Dannel P. Malloy. Continue Reading →
The Senate took a major step early Thursday toward ending Connecticut’s nearly 17-week budget impasse, overwhelmingly adopting a $41.3 billion, two-year plan that closes huge deficits without raising income or sales tax rates, imposes modest cuts on local aid, and provides emergency assistance to keep Hartford out of bankruptcy. Continue Reading →
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 →