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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, 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.