A study of Connecticut’s population loss conducted by the Office of Policy and Management shows that Connecticut is experiencing a “slight loss” of individuals earning more than $5 million per year. The loss of high earners could be especially problematic for a state that relies heavily on its highest income tax bracket for state revenue.
Marc E. Fitch
Gov. Dannel Malloy’s executive order, which zeroes out education funding for 85 school districts in Connecticut, could result in massive property tax increases - even to towns that are already struggling - if the state legislature cannot reach a budget deal by October 1. The property tax increases needed to deal with the cuts could mean up to a 40 percent increase to the mill rate for some municipalities, equalling 2.5 percent of the average household income in those towns, according to data compiled by the Western Connecticut Council of Governments.
Governor Dannel Malloy released his executive order allocating state funds to towns and cities on Friday, zeroing out education funds for 85 towns across Connecticut. The order also eliminated payment-in-lieu-of-taxes for hospitals, colleges and state owned property, and casino revenue grants.
Connecticut’s unfunded pension liabilities continue to grow despite efforts to curb the growing costs to the state. In hard numbers, Connecticut’s pension liability - the money owed to future state workers - has grown from $11.8 billion in 2010 to 20.4 billion in 2016, according to a fact sheet released Thursday by the Office of Fiscal Analysis.
Connecticut’s apprenticeship program presents a great opportunity for young people like Jake, but constraints on the number of apprentices an employer can hire may limit that opportunity for many others.
As Connecticut residents prepare to send in their vehicle property tax payments in August, a number of Connecticut municipalities may be missing out on large sums of tax dollars. More and more residents have been registering vehicles in neighboring states that don’t charge property taxes, according to municipal officials and tax assessors.