1,000 Friends of Connecticut recommends pumping hundreds of millions of additional dollars into cities and towns — particularly poor communities.
property tax
Posted inMoney
Bills to repeal motor vehicle tax and cap property taxes are in political limbo
The motor vehicle tax bill died in committee but could be revived; Property tax cap passed on party lines.
Posted inMoney
Big dollars hang in the balance as CT finance panel rushes to finish work
Millions of dollars in proposed tax hikes and cuts remain in play as the finance committee nears its Thursday deadline.
Posted inMoney
There’s a plan to get rid of property tax on cars. But how would towns make up the difference?
Adjusting the 70% assessment ratio on homes is one option
Posted inMoney
Senate leader pitches new state property tax on high-value homes
The state Senate’s highest-ranking Democrat proposed new taxes on high-value homes and the capital gains of Connecticut’s highest earners.
Posted inNews
Best of 2020: CT’s extreme inequality poses major obstacle to sustainable ‘inclusive’ growth
Connecticut’s extreme disparities in income and wealth will block sustainable, inclusive growth until officials overhaul its regressive tax system.
Posted inMoney
CT’s extreme inequality poses major obstacle to sustainable ‘inclusive’ growth
Connecticut’s extreme disparities in income and wealth will block sustainable, inclusive growth until officials overhaul its regressive tax system.
Posted inMoney, Politics
After one alarming tax fairness study, CT is wary of launching a second
After a 2014 study found CT’s tax system hammers the poor and middle class, officials have postponed a second analysis.
Posted inEconomic Development
CCM tries to get a little louder on property tax relief
After watching state aid erode over the past decade, Connecticut municipalities hope to appeal directly to voters to order property tax relief.
Posted inPolitics
Lamont offers tax relief in jobs plan, but no plan to pay for it
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.
Posted inMoney, Politics
Federal tax changes further polarize debate over state income tax
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.
Posted inMoney, Politics
GOP approves tax bill over opposition of CT lawmakers
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.
Posted inMoney, Politics
CT tax commissioner says GOP plan would force many in state to pay more
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.
Posted inCities & Towns, Money
Coventry town manager Elsesser: Connecticut should consider the commercial activities tax
John A. Elsesser, longtime Coventry town manager, has been one of the leading figures in municipal government for nearly four decades. He understands the varied and intensifying fiscal pressures facing Connecticut and its municipalities, recognizes the need to raise revenue; and sees one possible way to do it fairly — a commercial activities tax.
Posted inCities & Towns, Money, Politics
Looney wants half-penny sales tax option for cities and towns
Senate President Pro Tem Martin M. Looney of New Haven called Friday for an optional local sales tax increase to help cities and towns control property tax rates. This would add a local surcharge of one-half of 1 percentage point to the existing 6.35 percent state sales tax.