Republicans have proposed 19 separate bills to eliminate the income tax from pension payments and social security benefits. The proposals come as the state battles a number of issues including a $1.7 billion budget deficit and an outmigration trend as people, particularly retirees, move to other states.
As Connecticut’s legislature moves forward debating bills, know that Yankee Institute is at the capitol giving voice to the hard-working people of Connecticut. In just the last week, Yankee Institute has testified in person or in writing on 13 bills brought up for public hearings. Here is a list of the ideas we supported and opposed.
Ridgefield resident Brett Malone closed on his new house on Dec. 1. That new house is located in Texas. Malone, an insurance agent licensed to sell insurance through New York Life Insurance, says he and his wife are moving to seek greater opportunity and lower taxes.
On Tuesday the Transportation Committee heard testimony on Senate Bill 76, which would prohibit Gov. Dannel Malloy from spending $300,000 to study the effects and possible implementation of a mileage tax. The mileage tax would tax residents based on the number of miles they drive. Connecticut is one of five states participating in the study but is contributing the most money.
Among the troubled roots is Connecticut’s inability to sufficiently reduce spending, which has hurt the state’s fiscal health. In the most recent fiscal health analysis put out by some of the nation’s most reliable economic researchers, Connecticut shows vast room for improvement. In the Pew Charitable Trust’s research titled Fiscal 50: State Trends and Analysis, Connecticut did not fare well compared to its neighbors. Of particular note is the state’s depleted reserves; Connecticut’s reserves would allow the state to operate for a projected 8.3 days.
Numbers released by the U.S. Census Bureau show that Connecticut’s population has declined for the third year in a row. According to its Annual Estimates of the Resident Population for the United States and Puerto Rico, Connecticut has had a net loss of 19,581 residents since the state peaked in 2013.