A legislative panel not only recommended hefty tax increases to balance the next state budget, but also endorsed enough to run up more than $300 million in surpluses by 2017. The reason for doing that became apparent late Thursday when a new report downgraded how much revenue growth the state can count on in its new budget.
income tax
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A shorthand breakdown of the new state tax proposal
It’s easy to get lost in the numbers of the new revenue plan a legislative panel recommended Wednesday for the next two-year state budget. For those keeping score at home, here’s a rundown of the major points of the Finance, Revenue and Bonding Committee’s plan.
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Defying Malloy, legislators pitch a $1.8 billion revenue increase
A key legislative panel broke Wednesday with Gov. Dannel P. Malloy by recommending a plan that bolsters state tax and fee receipts by more than $1.8 billion over the next two fiscal years, including more than $540 million in new income taxes on the wealthy and an overhaul of the sales tax.
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Tax plan would boost revenues by $1.8 billion over two years
Members of a key legislative panel will be asked Wednesday to approve a plan that bolsters tax receipts by almost $1.8 billion in the next two year budget, including $540 million in new income taxes on the wealthy and an overhaul of the sales tax.
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On the state revenue front, an early hint of good news
After watching state income tax receipts fall short of expectations for three years in a row, Gov. Dannel P. Malloy and the legislature could be on the cusp of some fiscal good fortune this spring – albeit something modest.
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State budget stakes are huge as tax filing deadline nears
State officials always watch closely as income tax receipts pour into Connecticut’s coffers at the April 15 deadline. But with a lingering deficit this year, huge social service cuts and tax hikes already proposed for next year — and a costly transportation initiative likely to require major funding — the stakes rarely have been higher.
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Tax hike ideas abound at the Capitol
Now that Gov. Dannel P. Malloy’s campaign pledge not to raise taxes is in the political rearview mirror, the Democratic governor’s political base is seeking to widen the tax debate in hopes of averting some painful spending cuts. Higher income-tax rates on the wealthy, restoration of the capital gains levy, an extra $1.50 per pack on cigarettes and expanding sales taxes on business are among the ideas circulating at the Capitol.
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Malloy plan pumps up tax receipts by more than $800 million
Gov. Dannel P. Malloy’s two-year budget plan raises more than $360 million in net new tax receipts over the biennium, while canceling or delaying more than $480 million in net tax cuts that he signed last term and promised to start after the election.
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Budget chief: Some tax cuts may have to wait; CT colleges likely to face cuts
Gov. Dannel P. Malloy’s budget director acknowledged Monday there’s little likelihood all of the tax relief promised on the campaign trail can be provided in the next state budget, which faces a major deficit projection. And while the governor promised new tax relief for college graduates struggling with student loan debt, budget director Benjamin Barnes said Connecticut’s public colleges and universities probably won’t be spared emergency budget cuts due out this week.
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Foley’s tax relief on retirement benefits would cost about $100 million
Much of Tom Foley’s last-minute proposal to cut taxes on Social Security benefits already is covered in existing state law. And the GOP gubernatorial nominee’s overall tax relief proposal on retirement benefits would expand Connecticut’s post-election deficit by roughly $100 million next fiscal year.
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Malloy: CT budget and economy both poised to take off
Gov. Dannel P. Malloy doesn’t dispute there’s a sizeable hole in the next state budget – as nonpartisan analysts see things. He just thinks their perspective doesn’t reflect political reality. The Stamford Democrat says the situation is much rosier than the numbers show. And while there is more to do, his administration has positioned Connecticut’s finances and its economy for a prosperous future.
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McKinney pitches middle-class tax break, less aid for poor
Republican gubernatorial contender John P. McKinney unveiled a plan Thursday to exempt all households earning less than $75,000 per year from the state income tax. But the proposal hinges on several controversial elements, including repeal of a tax credit that saves working poor families almost $120 million per year.
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Connecticut’s looming deficit threatens next year’s tax breaks
Gov. Dannel P. Malloy tried to stay upbeat Thursday about a legislative session that began with the promise of tax cuts, but ended with this relief being postponed in the face of a projected budget deficit.
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Legislature adopts new CT budget built on risky assumptions
The General Assembly adopted a $19 billion budget early Sunday that relies on about $200 million in fund sweeps and risky savings and revenues assumptions to stay in balance – including the last-minute discovery of $75 million in “miscellaneous” tax receipts.
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CT budget relies on $75M in newfound ‘miscellaneous’ tax revenues
The new $19 billion state budget the House of Representatives is expected to adopt late Saturday relies on nearly $200 million in fund sweeps, risky savings assumptions and other gimmicks to stay in balance – including the last-minute discovery of $75 million in “miscellaneous” tax revenue.