Connecticut saw a net loss of 9,869 income tax filers between 2017 and 2018, constituting a loss of adjusted gross income totaling $1.1 billion, according to the Internal Revenue Service. The breakdown of earnings relative to population loss show that although Connecticut’s highest earners were not the largest group of ...
A CT Mirror article published on Nov. 21 pointed out that Connecticut’s income tax was never meant to be temporary, refuting a common talking point employed by lawmakers and political candidates, the public, No Tolls CT and, in one instance, the Yankee Institute. The “myth” of the temporary income tax ...
Connecticut’s total state and local unfunded pension and other post-employment benefits (OPEB) liability is a whopping $124.9 billion, according to an independent report delivered to the Connecticut Council of Municipalities. Pro Bono Public Pensions, a nonprofit that advises state and local governments on pension sustainability, reported that the State of ...
United States District Judge J. Paul Oetken dismissed a lawsuit by Connecticut and three other states against the Donald Trump administration, the U.S. Department of Treasury and the Internal Revenue Service over its cap on state and local property tax deductions, commonly known as SALT. The judge concluded “Congress enacted ...
Connecticut remained a “sinkhole state” in this year’s state-by-state ranking and report from Truth in Accounting, a Chicago based think-tank that analyzes government accounting data. Connecticut ranked 48th in the country because of its high debt, which translates to $51,800 per taxpayer, according to the report. However, Connecticut’s ranking was ...
**Update: Gov. Ned Lamont announced Friday that the Department of Revenue Services will revise its guidance to eliminate the sales tax on items from grocery store aisles** As Gov. Ned Lamont heads into meetings with Department of Revenue Services Commissioner Scott Jackson to discuss the agency’s guidance that certain grocery ...