It is a genuine law of economics, because it is a central law of human nature: if you tax something, you get less of it. A necessary corollary: most taxes bring in less revenue than predicted because people modify their behavior to avoid the tax. Connecticut’s elected officials have been ...
Let the emblem of the legislative session, and of the last decade of Connecticut’s governance, be this new “mansion tax.” It was slipped into the budget in the last minute. It wasn’t properly vetted. It sends terrible signals to would-be entrants to Connecticut, while warning Connecticut’s current residents to get the heck out. And ...
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 ...
Buried in the budget proposal from the Finance, Revenue and Bonding Committee is a controversial change to the way Connecticut collects sales tax – one that has failed in several other states and one that the former Commission of the Department of Revenue Services said would be a costly “scheme.” ...
Should I stay or should I go now?If I go there will be troubleAnd if I stay it will be doubleSo you gotta let me knowShould I stay or should I go? — (apologies to) The Clash (1982) Well, they’ve told us. Nearly four decades later, the Connecticut General Assembly ...
The Finance, Revenue and Bonding Committee on Wednesday approved a $1.3 billion revenue increase, largely funded by maintaining a tax on hospitals, a 2 percent surtax on capital gains and various increases to the sales tax for restaurant meals, digital downloads and ridesharing services, among others. Union activists representing the ...