Gov. Dannel P. Malloy and his fellow Democrats in the legislature’s majority have some options to re-balance the next state budget – but none of them are nice.
Sales Tax
Posted inMoney, Politics
Is it time to overhaul Connecticut’s tax system?
Rep. Patricia Widlitz, D-Guilford, is co-chairwoman of the Finance Committee. What’s the fairest way for Connecticut to raise $15 billion in taxes each year? Who should pay more? Is $15 billion too much? Too little? And how does the tax system affect the state’s economic competitiveness? These are just a few of the questions that […]
Posted inEducation, Health, Money, Politics
Malloy offers lean $19 billion re-election year budget
Updated at 2:02 p.m.: Gov. Dannel P. Malloy offered a $19 billion budget Wednesday that — among many other proposals — would give tax breaks to middle-income households, consumers and towns while limiting spending growth to just under 3 percent.
Posted inMoney, Politics
Malloy offers modest tax breaks for retired CT teachers, consumers
Gov. Dannel P. Malloy proposed a second round of tax cuts Friday, including a new income tax break for retired teachers that could provide a strategic edge in his re-election bid.
The governor also backed a sales tax exemption for non-prescription medications, an insurance premium break for cities and towns, extending a credit for business investors and a two-day state park fee holiday.
These breaks, worth about $52 million in the fiscal year that begins July 1, would be in addition to the $155 million sales and gasoline tax rebate Malloy unveiled Thursday.
Posted inMoney, Politics
Malloy learns from Rowland’s slip on 1998 CT tax rebate
Gov. Dannel P. Malloy apparently has learned from former Gov. John G. Rowland’s mistake.
By proposing to rebate sales and gasoline taxes – instead of income taxes – Malloy would spare nearly all recipients from having to share about 30 percent of their bonus with the federal government. Rowland made that mistake in 1998 when he and the General Assembly launched the first tax rebate program in state history.
Posted inMoney, Politics
Malloy promises $155 million in tax relief
Derby – Gov. Dannel P. Malloy said Thursday he would use the $506 million projected surplus to beef up the state’s fiscal reserves, pay down pension obligations and provide modest tax relief.
Malloy, a first-term Democrat facing re-election this year, chose a blue-collar, Naugatuck Valley community to announce that if legislators approve his plan, the state would be sending out checks of $55 to single filers and $110 to couples.