WASHINGTON – The U.S. Census Bureau’s good news that median income rose significantly in the United States last year wasn’t as cheerful for Connecticut. The state was among a dozen with the smallest rate of household median income growth in the nation, which had a robust increase of 5.2 percent. And not everybody benefited from Connecticut’s modest 1.8 percent income growth.
taxes
Posted inMoney
Finance panel adopts new tax on fantasy sports, other increases
A state legislative panel voted Thursday to endorse a new tax on fantasy sports games, delay an income tax cut for retired teachers, impose a new fee on retail businesses and raid $20 million in ratepayer funds from a program to control greenhouse gases.
Posted inMoney, Politics, Transportation
A displeased Malloy to push back with a new budget of his own
After watching his fellow Democrats in the legislature unveil a budget that undermined — or even rejected — some of his biggest objectives, including the need to avoid tax hikes, Gov. Dannel P. Malloy will take an unconventional step next week to refocus his party. The governor, who traditionally begins the annual fiscal debate in early February with his own spending and revenue plan, will submit a second budget next week.
Posted inMoney, Politics
Estate tax measure may preview 2017 state tax debate
The arguments surrounding a bill to eliminate Connecticut’s estate tax — a bill not expected to advance this year – might offer a preview of the battle some anticipate next year over the fairness of the state’s tax system.
Posted inMoney, Politics
Labor in the crosshairs as budget crunch worsens
Connecticut’s labor leaders insist the writing is on the wall. Barring a dramatic new development, they say, state employees will be asked to grant wage and benefit concessions for the third time in seven years. But that doesn’t mean workers are ready to endorse more givebacks.
Posted inMoney, Politics
After a few dodges, Malloy administration vows not to seek tax hikes
Updated at 2:12 p.m.
After some initial coyness about the state budget revisions Gov. Dannel P. Malloy must submit to legislators next week, the administration confirmed Tuesday afternoon it would neither propose nor support tax hikes.
Posted inHealth
Coming soon to your mailbox: An Obamacare tax form
Even if you don’t get your health insurance through the federal health law, you’re likely to get the form, which is part of the way the federal government verifies whether people are complying with the mandate that nearly all Americans have health care coverage. Here’s what you need to know.
Posted inCT Viewpoints
CT takes fewer taxes from corporations than individuals
I have recently had the privilege of serving on a legislative commission studying Connecticut tax policy. In doing some initial calculations, I observed that our state appears to derive a surprisingly low portion of its total tax revenue from corporate income taxes compared to some other states. Compared to a cohort of other states including New England and all of the east, Connecticut tax policy has looked, over time, substantially less to corporations for revenue and increasingly more to individuals and households.
Posted inMoney
Business lobby launches radio ad to press for more state budget cuts
The state’s chief business lobby, the Connecticut Business and Industry Association, took to the airwaves Monday to press for bold spending reforms to mitigate growing state budget deficits.
Posted inMoney, Politics
Daunting task: Study taxes but not whether they’re too high
The State Tax Panel is kicking off a four-month study of the state’s tax system and economy, but in theory it will not address whether taxes are too high or too low, or whether certain groups should pay more or less.
Posted inPolitics
Shaban challenges Himes in clash of the moderates
WASHINGTON — Republican John Shaban said he’s challenging Rep. Jim Himes because he thinks Connecticut gets a raw deal from Washington — with many more dollars leaving the state in federal taxes than come back to shore up schools and infrastructure.
Posted inPolitics
Trump takes on key CT industry — hedge funds
WASHINGTON – GOP presidential hopeful Donald Trump has a new target for his ire — other super-rich guys, the nation’s hedge fund managers. “I know a lot of bad people in this country that are making a hell of a lot of money and not paying taxes,. The tax law is totally screwed up.” he said.
Posted inMoney, Politics
A nonprofit and an accountant join anti-tax chorus
The Connecticut Business and Industry Association brought a new voice Monday to its campaign to roll back state tax hikes — a major Hartford-based job development nonprofit. During a rally mid-day rally outside of the Capitol, the CBIA also tried to undercut one of its opposition’s chief arguments: that Connecticut businesses are profitable enough to afford more taxes.
Posted inCT Viewpoints
Connecticut’s ‘artful dodger’ needs better material
I’m so sick of politicians and their stoolies being allowed to get away with not directly answering questions they are asked and making claims that are untrue. I suggest, young Devon Puglia, if you are going to be an artful dodger for the artful dodger, at least put a little more thought into your deceptive answers to the real issues you wish to avoid.
Posted inCT Viewpoints
Connecticut’s taxes should help build equality, opportunity
Thinly veiled threats from hundred billion-dollar corporations that the proposed state tax increases are “truly discouraging”’ and that General Electric would “seriously consider whether it makes any sense to continue to remain in Connecticut” are not to be ignored. We the people have a choice before us — one that requires us to choose the economic principles fundamental to the type of society we desire to create and live in.