Another week of testimony at the capitol has brought some important and potentially disastrous bills to the forefront. In particular, Gov. Dannel Malloy's budget proposals were heard before the finance, revenue and bonding committee on March 9. Below are the bills that could have a big affect on you and your checkbook this year.
Gov. Dannel Malloy's budget chief faced a barrage of tough questions Thursday from both sides of the political aisle. None of the lawmakers on the finance, revenue and bonding committee appeared pleased with Office of Policy and Management Secretary Benjamin Barnes.
Attorneys who handle estate planning for wealthy Connecticut residents told lawmakers Friday that Connecticut’s estate and gift taxes are driving out the very people the state needs in these difficult times. Supporters of estate tax reform believe the ongoing tax revenue from keeping wealthy residents in Connecticut would outweigh the lost revenue from the estate tax. Opponents of the proposal don't believe people leave Connecticut because of taxes.
After a long career working for international banks that specialized in developing countries, John Caracciolo decided to retire with his family in Barkhamstead for the good schools and the quiet countryside. That was six years ago. Now John is rethinking that decision.
The few hundred wealthy families who pay an outsized share of Connecticut's tax burden are having a big effect on Connecticut's budget deficit. According to projections by the Office of Fiscal Analysis, the state's take from top taxpayers is going down, although the causes of the decrease remain uncertain.