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Posted inMoney, Politics

The Malloy solution: Deep cuts, new tax revenue, deferred promises

The biennial budget Gov. Dannel P. Malloy intends to propose today would erase a two-year, $2.5 billion shortfall with $1.6 billion in spending cuts and $900 million in additional revenue, an attempt to say he is equitably spreading pain while keeping a pledge not to raise taxes. Malloy, a Democrat re-elected last fall, is proposing a three-pronged approach to his second fiscal crisis in four years: deep spending cuts, combined with additional revenue raised by deferring promised tax cuts and boosting tax receipts without changing rates.

Posted inMoney, Politics

Malloy’s sales tax plan asks consumers to sacrifice – for now

Opting not to deliver the largest tax cut he campaigned on last year, Gov. Dannel P. Malloy tried to shift the conversation Sunday with a proposal to whittle down the sales tax rate. But while the middle-income relief the governor pitched is worth $70 million next fiscal year, tucked into that plan is the cancellation of a sales tax exemption on clothing worth twice as much.

Posted inMoney, Politics

Expert has idea that could lessen federal taxes for CT taxpayers

Connecticut’s low- and middle-income households could pay tens of millions of dollars less in federal taxes each year while state officials simultaneously gain access to a wealth of new economic data. But for that to happen, according to one of the state’s leading economists, Connecticut officials first take a fiscal leap of faith – and repeal arguably the state’s most popular tax break.

Posted inMoney, Politics

Are CT cities and towns no longer immune from state budget axe?

Gov. Dannel P. Malloy spared cities and towns from the state budget axe as he grappled with deficits for much of the past four years. But with sales tax receipts promised long ago to municipalities still lying in the state’s coffers, GOP legislative leaders are worried the Democratic governor’s days of sparing local taxpayers are over.

Posted inMoney, Politics

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.

Posted inMoney, Politics

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.

Posted inEducation, Money, Politics

Pelto: State budget deficit reveals a broken fiscal system

Former state Rep. Jonathan Pelto doesn’t have any trouble standing out from the rest of the 2014 gubernatorial candidates. For Pelto, a $1.4 billion shortfall – more than four years after the last recession ended – typifies a broken fiscal system that threatens Connecticut’s schools, state workers’ pensions, and middle class families.