We are all aware there will be a fiscal fallout affecting Connecticut’s economy and budget due to COVID-19. This week Connecticut Voices for Children unveiled their recommendations for addressing the COVID -19 crisis, and they included using our budget reserves right now to expand pandemic relief efforts, the hiring of more employees to deliver services, and a state tax overhaul with higher taxes on the wealthy. We are pleased that Melissa McCaw, Secretary of the Office of Policy and Management stated that an income tax increase is not needed at this time. Yankee Institute also disagreed generally with CT Voices for Children’s recommendations, and issued the following statement:
“Calls for raising Connecticut taxes and increasing the size of state government ignore twelve years of Connecticut’s economic and fiscal history. We have seen three major tax increases – including raising taxes on the wealthy and businesses — since the 2008 recession, and since that time our state has experienced more major budget deficits, some of lowest job and economic growth in country and the outmigration of residents to other states.”Carol Platt Liebau
Be on the lookout over the next few weeks for Yankee Institute’s recommendations on how Connecticut can weather the economic fallout created by COVID-19, and a new policy paper.
Thank you to all those who joined Yankee Institute’s Capitol Insider webinar this week. We hope you enjoyed the discussion. We certainly had plenty of great questions, and we look forward to the next one. You may contact us with any follow up questions and feedback at email@example.com or firstname.lastname@example.org.
Please continue to visit our website for the latest news and updates regarding COVID-19 including the Governor’s latest executive orders. Be sure to check out Yankee Institute’s “Beam of Light” series that highlights the everyday acts of heroism by our citizens as we all cope with this pandemic. Stay safe and healthy!