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Wednesday, February 06, 2013

Malloy Budget Avoids Big Tax Hikes

By Keith M. Phaneuf

www.ctmirror.org

Gov. Dannel P. Malloy today proposed a $43.8 billion, two-year budget that avoids major state tax increases, cuts health care and other benefits for the poor while relying on major new bonding to help close a $1.2 billion deficit.

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Gov. Dannel P. Malloy delivers his budget message today. (CLICK TO ENLARGE) Ctmirror.org photo

The governor’s proposal features a mixed bag of pluses and minuses for cities and towns, bolstering for education and capital improvements while cutting other grants that fund general government operations. Malloy also unveiled a new property tax exemption that helps motor vehicle owners but would cost local governments hundreds of millions of dollars per year.

And despite repeated pledges from Malloy that his proposal would comply with the constitutional spending cap, the governor now is seeking to rewrite cap rules that would exempt major new segments of the budget from spending limits.

The overall package would spend $21.48 billion in the fiscal year that begins July 1, and $22.32 billion in 2014-15, raising spending 9.7 percent over the next two years.

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Posted 02/06/13 at 05:37 PM



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