Connecticut’s extreme disparities in income and wealth will block sustainable, inclusive growth until officials overhaul its regressive tax system.
state income tax
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Are Lamont and his fellow Democrats headed for a showdown over tax reform?
Gov. Ned Lamont says tax hikes on the wealthy will cause them to flee Connecticut. Other Democrats are challenging that.
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Child advocacy group calls for major tax shift to close ‘highly unjust’ income, wealth gaps
A child advocacy group wants up $1.4 billion in annual tax burdens shifted from low and middle earners to the rich.
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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.
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Connecticut’s legacy of debt weighed heavy on Lamont’s first budget
Gov. Ned Lamont had lofty goals, but found was that fixing Connecticut’s budget meant grappling with the state’s enormous debt.
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While CT’s reserves rise, Wall Street compensation shrinks
While Connecticut budget reserves just hit a new high, one of the driving forces behind that accomplishment may be cooling down.
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Democrats push back on Lamont, renew bid to tax CT’s wealthiest households
One day after gutting a 2 percent surcharge on capital gains earnings by wealthy households, the Finance, Revenue and Bonding Committee was expected to revive the bill.
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Progressive Dems will test Lamont’s open-door approach to next CT budget
Gov. Ned Lamont’s open-door policy will be tested in the coming months by progressive Democrats who say higher taxes on wealthy households should be part of the next state budget.
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Progressives ready to battle Connecticut’s rich over taxes
A major liberal block in the House of Representatives warned Thursday it favors raising income taxes on rich households, staunchly opposes repeal the estate tax, and fears Gov. Ned Lamont’s budget could shift burdens onto the middle class.
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The millionaire-with-a-suitcase: man or myth?
For nearly a decade, it has been the favorite argument of those opposed to higher state taxes for Connecticut’s wealthy — migration. Simply put, if you tax them, they will leave.
But is it true?
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Lembo confirms $250M state budget surplus
State Comptroller Kevin P. Lembo confirmed Monday that a recent surge in projected income tax receipts has left the current budget on pace for closing with roughly a $250 million surplus.
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Surging tax receipts dramatically shrink hole in next CT budget
State tax revenue projections surged again Tuesday, shrinking the projected shortfall in the upcoming two-year budget — and leaving Connecticut with nearly $2.1 billion in reserves to combat it.
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State tax overhaul key to plan to revitalize CT
A state panel recommended a dramatic shift in state tax burdens Thursday from wealthy income taxpayers onto businesses and consumers as part of a sweeping plan to stabilize government finances and jump-start the economy.
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Report: Personal income in CT, long lagging, fell last fiscal year
A recent analysis by The Pew Charitable Trusts shows Connecticut has been lagging the nation in personal income growth since the last recession. And most recently that meager growth has been slowing down.
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CT income tax receipts surging, but most can’t be used to balance budget
State income tax receipts are projected to surge by $900 million in a report due next week. But because of new spending controls in the state budget, legislators can’t use the bulk of that to mitigate a $224 million deficit.