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 ...
The left-leaning think tank which has the ear of the Democratic Party in Connecticut hosted a forum at the Capitol Building today to decry the state spending cap, volatility cap and bonding cap, saying the restrictions will make Connecticut’s budget situation worse.
Gov. Dannel Malloy’s budget chief offered a roadmap for Governor elect Ned Lamont’s new administration, which included eliminating scheduled tax cuts, cutting back Medicaid, reducing state aid to some municipalities, and transferring some teacher pension costs onto towns and cities.
When Connecticut issued bonds in June of 2018, the bond covenant said Connecticut would strictly adhere to its new $1.9 billion bonding cap until 2023 — with no changes to underlying statutes and no exceptions. However, language contradicts the legislature’s loosening of the bond cap in May of 2018, allowing ...