The budget package passed by the Finance, Revenue and Bonding Committee includes more than $1 billion in new taxes by 2023 coupled with some targeted tax credits, according to the fiscal note attached to the […]
The Finance, Revenue and Bonding Committee heard testimony Monday regarding a property tax cap bill that would cap property tax increases at 2.5 percent but allow municipalities to levy a sales or income tax to […]
The Tax Foundation released its annual ranking of states based on their overall business tax climate and placed Connecticut 47th in the country, besting both New York and New Jersey but falling short of other […]
CT Voices for Children, a public policy organization based in New Haven, released the first in a series of recommendations for mitigating the economic recession caused by the COVID-19 pandemic. Their recommendations included increasing the […]
As Democrats in the legislature float proposals to raise the income tax rate on Connecticut’s highest earners and increase the capital gains tax, Chief Executive Officer for Greenwich-based AQR Capital Management Clifford Asness tweeted “Do […]
Analysis: Preview of the budget battle ahead Democrats are gearing up for an intra-party squabble about how to close the $3.7 billion two-year budget deficit. This year’s budget battle won’t be Democrats vs. Republicans, but […]
A withering assessment of Connecticut’s economic and fiscal problems was used by The Pioneer Institute — a think-tank based in Boston — as an example of why Massachusetts should not raise taxes on high-income earners.
The Connecticut State Legislature will begin its 2023 session on January 4th and will adjourn on June 7th. The “long session,” as non-election years are called in Hartford, will be centered around the biennial budget. The Office of the State Comptroller reports that state government found a way to spend $47.11 billion in 2022 and, if trends continue, we can expect that number to grow even more going forward. Concerns over energy prices, inflation, and general cost of living continue to dominate the headlines and the threat of a recession hovers over economic forecasts.
What will our elected officials be working on to improve policy outcomes for Connecticut residents? What tax reform proposals will there be? What can be done to lower home heating bills? How will state and local budgets be affected by fewer federal resources? How will schools be implementing to curriculum requirements?
While we wait to see the thousands of individual and committee bills that while dominate the myriad policy debates this year, Yankee Institute is hard at work promoting free-market solutions to the problems we face from Stamford to Putnam and Mystic to Salisbury. To that end, we have produced a new edition of our Charter for Change. The Charter provides commonsense reforms to make Connecticut’s government work for its residents.
Though the list of reforms may be exhausting to review, it is far from exhaustive! And that’s why we want to work with you to build a broad-based coalition to encourage sound policy reforms to enable Connecticut residents to forge a better future for themselves and their families.
It’s also imperative that we do so. As we noted in a report and CT Mirror op-ed last year, the debate over whether we’re in a national recession really misses the point for Connecticut residents. We had more people employed in the private sector in 2007 than we do today. Our economy has grown at one of the slowest rates in the nation for the past decade, and we are getting outpaced year after year. We’re not attracting innovation and industry. We’re losing some of our best and brightest as they seek other parts of the country where it’s easier to make a living.
But together, we can reverse this trend.
At Yankee Institute, we know Connecticut is a state with boundless opportunity, and we intend to help make our state more than a place where people are just able to make ends meet! Connecticut should be a place where everyone can thrive – and with your help, it will be.