The opposing sides in the state tax debate each tried to grab center stage Monday as Gov. Dannel P. Malloy and Democratic legislative leaders kicked off what many expect to be their most contentious round of budget negotiations yet.
Sales Tax
Posted inMoney, Politics
5 Things you need to know about the Connecticut sales tax
Once a month The Mirror addresses five points about a key element of the state budget process. Today’s story looks at the Connecticut sales tax, its role in state finances, and its role in a dramatic tax reform plan proposed by the legislature’s Democratic majority.
Posted inMoney, Politics
State tax debate: Whose plan really helps the middle class?
As the development of the next state budget enters its final stage this week, the main players in this drama might be further apart than at any previous time during Gov. Dannel P. Malloy’s administration.
Posted inHealth, Money, Politics
GOP to stage public hearing in hopes of rallying tax-hike opposition
Hoping to rally public opposition to $2.4 billion in new proposed tax revenues for the next two fiscal years, Republican state legislators will conduct a public hearing next week that GOP leaders hope will exert enough public pressure to do what their votes alone cannot – block most, if not all, of these proposed increases.
Posted inMoney, Politics
State revenues slip, but tax panel was ready
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.
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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.
Posted inMoney, Politics
Malloy scorns both parties’ legislative budget plans
OLD SAYBROOK — Gov. Dannel P. Malloy dismissed Democratic and GOP revisions to his budget proposal as political posturing Thursday, setting a chilly tone as the administration and General Assembly begin to negotiate a compromise budget.
Posted inMoney
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.
Posted inMoney
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.
Posted inMoney, Politics
Panel will consider plan to boost CT income taxes on the wealthy
The legislature’s tax-writing panel Wednesday will consider recommending an increase in income taxes on Connecticut’s wealthiest households, retroactive to Jan. 1, to help close the large deficit in the next budget, according to sources. The Democrat-controlled Finance, Revenue and Bonding Committee also will consider significantly extending the sales tax to new goods and services as part of a plan to overhaul non-education municipal aid and limit local car taxes.
Posted inMoney
Malloy administration shares ideas to fund transportation
Adding 1 percentage point to the sales tax, imposing tolls or even selling some of Connecticut’s transportation assets were among the “potential” options Gov. Dannel P. Malloy’s administration outlined Tuesday to pay for a major transportation overhaul over the coming decades.
Posted inMoney, Politics
Sales tax may take center stage in state budget debate
Leaders of the legislature’s tax-writing panel have made it no secret they hope to minimize new taxes on Connecticut corporations this year as politicians and business leaders alike hope for the economy’s best year since the Great Recession ended. But one key alternative the Finance, Revenue and Bonding Committee is expected to recommend this week involves a major overhaul of Connecticut’s sales tax – a move the state’s chief business lobby warns could damage the economy worse if handled improperly.
Posted inCT Viewpoints
Keep Connecticut businesses in mind during budget debate
Gov. Dannel Malloy’s recent $40 billion biennial budget proposal for the State of Connecticut contained some reasons for optimism for many in Connecticut. Cities and towns saw a small but unexpected increase in vital state aid, a proposed reduction in the state sales tax could bring some relief to every Connecticut resident and the unveiling […]
Posted inHealth, Money
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.
Posted inMoney, Politics
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.