income tax

Recent Posts

Volatile income tax receipts complicate effort to craft CT budget

This is a picture of Sen. Beth Bye

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.
Continue Reading →

Filed under: , , , ,

Struggle to balance current budget could help with future deficits

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.
Continue Reading →

Filed under: , , , , , , ,

Labor in the crosshairs as budget crunch worsens

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 →

Filed under: , , , , , , ,

Malloy calls for bipartisan talks as budget hole deepens

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 →

Filed under: , , , , ,

CT staring at another $1B deficit after next state election

Since Gov. Dannel P. Malloy’s administration announced state income tax receipts were lagging due to weak stock market earnings, much of the Capitol’s focus has been on the relatively small hole it opened in the current budget. But the projected loss of $100 million in tax receipts this year also exacerbates a much bigger budget problem just down the road. Continue Reading →

Filed under: , , , , , , ,

Popular proposal for tax reform: Roll back recent increases

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. Continue Reading →

Filed under: , , , , , , ,

Retired teachers buck CT budget trend and get a tax cut

What separates retired Connecticut teachers from the working poor, middle-income consumers, corporations and insurance companies? In the context of the new state budget, it’s the ability to get a tax break. Continue Reading →

Filed under: , , , , , , ,

Looming deficits already threaten transportation, town aid initiatives

A new, two-year state budget would make unprecedented investments in communities and transportation. But while Gov. Dannel P. Malloy insists his transportation investment will be protected by a legal lockbox, and Democratic lawmakers profess their commitment to local aid, looming deficits that start arriving in 2017-18 have advocates for both constituencies admitting they’re worried. Continue Reading →

Filed under: , , , , , , ,

5 Things you may have missed in the new state budget

Once a month The Mirror addresses five points about a key element of the state budget process. Today’s story looks at some of the lesser-known aspects of the new $40.3 billion biennial state budget adopted last week by the General Assembly and expected to be signed by Gov. Dannel P. Malloy. Continue Reading →

Filed under: , , , , , ,

Senate Dems threaten ‘nuclear option’ to pass budget, $2B tax hike

Senate Democrats took the extraordinary step in the final hour of the 2015 session Wednesday of threatening to cut off debate to ensure passage on a 19-17 vote of a new state budget that raises tax revenues by $2 billion. Continue Reading →

Filed under: , , , , , , ,