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Wednesday, January 15, 2014

Surging CT Tax Revenues Give State Big Shot in the Arm

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By Keith M. Phaneuf

www.ctmirror.org

State government’s finances got a big shot in the arm today with a new report showing surging tax revenues in the current budget –- and improving forecasts for after the state election in November.

And while a sizable deficit still is projected for the first budget of the next gubernatorial term, Gov. Dannel P. Malloy or his successor could close more of that gap if they save most of this year’s projected surplus, which approaches $500 million.

The so-called consensus report released today, prepared by the legislature’s nonpartisan Office of Fiscal Analysis and the Malloy administration, is the last assessment of state revenues before the governor submits his new budget plan to the legislature Feb. 5.

“There’s much work to do, but make no mistake: our economy is improving, private-sector jobs are growing at the strongest pace in decades and we are reducing the state’s overall indebtedness,” Malloy said. “And we are accomplishing all of this at the same time we are putting money away in the Rainy Day Fund. That’s a record to be proud of.”

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Posted 01/15 at 06:54 PM


Comments:     Comment Policy

I have a great idea…  Just keep raising our State income tax and we can wipe the entire debt out in no-time!  When I moved here in ‘88, there was NO state income tax.  Then Lowell Weicker arrived, reversed his position as anti-tax and slapped a 4% income tax on us all.  Now it is as high as 6.7%, with 6.5%, in addition to a 6.3% sales tax and 63.4 cents of tax on every gallon of gas (only Hawaii and NY are higher).  And with rising real estate taxes on top of it all, is anyone else feeling a bit squeezed????  California is looking like a bargain these days!

Posted by Andrew Weir on January 15, 2014 at 09:29 PM | #

Stop whining about taxes. Lowell Weicker realized that the state could not go from year to year being funded solely from sales tax revenue. We needed a more stable flow of money into our state to fund needed services. If you think it is so great to live in California, go there. Connecticut is where I want to stay. I say add more tax to gas and raise state taxes enough so that our rail lines work and are comfortable and on time. Do something about I-95. Our state is being economically crippled because we can’t get from Guilford to Greenwich between 7 and 10 a.m. and then 3 to 7 pm. Raise my taxes so that everyone in our state has free health insurance and no one is hungry or homeless.

Posted by John Dodig on January 17, 2014 at 08:10 AM | #

Our population is decreasing as states like Florida and Texas draw both businesses and retirees to avoid the high income taxes.  The states liabilities continue to grow and the sate borrows more.  Pension plans and OPEB are real problems for the state and someone will eventually have to pay.  As the population deceases the burden will rest on fewer people—including you mr. Dodig.  There will be no increase of money for roads and schools as we eventually will have to pay for promises we can not keep.  Other staes have negotiated solutions with their unions, but Malloy wants nothing to do with that.  The middle class will get squeezed, as witnessed by the huge increase in state income taxes to almost very one.

Posted by Bart Shuldman on January 17, 2014 at 11:49 PM | #

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