Malloy Releases Budget Details
However his proposals to increase taxes on everything from cigarettes to real estate conveyances to gasoline will cost many
One key part of the budget proposal is a plan that the Democratic governor says will help state taxpayers navigate changes brought on by the new federal tax law signed by
Malloy is seeking legislation that would allow cities and towns to create charitable foundations to fund local services. This is in response to the tax law that largely eliminated federal deductions for state and local taxes. Under Malloy's plan,
Malloy is once again proposing cutting education grants to
But as significant as what the budget proposal contains are the items he left out. Malloy suggested lawmakers might consider other measures to bolster the state's long term fiscal health, including raising the sales and use tax and legalizing and taxing marijuana. Malloy has been a steadfast opponent of legalizing marijuana throughout his time in office, so his suggestion that lawmakers may want to consider doing so is significant.
Malloy, in the final year of his final term in office, released the details two days before the legislature is set to convene for the 2018 session.
"The budget we are proposing today is about the future -- specifically
On the spending side of the ledger, Malloy is proposing
Malloy's proposal to increase the cigarette tax to
Malloy has already proposed electronic highway tolls for the first time in order to pay for transportation improvements. He has also endorsed increasing the state's gasoline tax by
Those ideas have already run into a buzz saw of criticism from
A lifelong
Despite pressure from some
Malloy's most immediate task for lawmakers is to close the budget gap of nearly
Despite the explosion in the stock market since President
The stock market volatility continued Monday, and the selling could lead to increased capital gains for the state coffers.
------
Subscribe and listen to the Capitol Watch Podcast
iTunes --
------
___
(c)2018 The Hartford Courant (Hartford, Conn.)
Visit The Hartford Courant (Hartford, Conn.) at www.courant.com
Distributed by Tribune Content Agency, LLC.
New Analysis Finds Proposed Paid Leave Insurance Program Would Provide Vital Benefits at Affordable Cost
North American Health Headlines at 1:14 p.m. EST
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News