In response to President Donald Trump’s tax bill that limited state and local tax deductions – known as SALT deductions – Connecticut developed a novel way to allow business owners to avoid getting hit with higher federal income taxes. Businesses that operated as “pass-through” entities, which allowed business income to ...
Connecticut is undercutting private, nonprofit organizations that serve Connecticut’s neediest citizens through a lack of funding, competition for employees and the state’s rising minimum wage. That’s according to nonprofit leaders, workers and clients who came to the Capitol Thursday to tell lawmakers they need more funding for services as the ...
“The budget proposals released today by the Finance, Revenue and Bonding Committee demonstrate a disturbing inability to learn from the negative impact of past tax increases. Although we welcome the proposal to eliminate the gift tax, it’s remarkable that billions more are being demanded from taxpayers, after so little apparent ...
How big were the tax hikes in Governor Ned Lamont’s budget proposal? If you include all of the proposed increases over the next few years, and account for a few tax breaks, the total comes to $2.4 billion per year. How did we get to that number, and why is ...
Gov. Ned Lamont’s budget proposes shifting 25 percent of the “normal cost” of teacher pensions onto towns and cities, but distressed municipalities will only have to shoulder 5 percent, which means the City of Hartford will have to pay far less in teacher pension costs than neighboring South Windsor. Combined ...
The steady drip of information and budget ideas from the governor’s office over the past two weeks finally culminated with Gov. Ned Lamont’s first budget proposal, which will be sure to please practically no one. The governor’s plan calls for an expansion of the state sales tax, shifting a portion ...