Lawmakers challenge Lamont to tax rich to pay for child tax credit

Committee Adds Capital Gains Tax, Child Credit to Budget Plan

HARTFORD, CT – Middle-class families would get a tax break under a revenue plan that cleared the Finance, Revenue and Bonding Committee Wednesday, while the wealthiest earners in the state could pay more. The committee approved a child tax credit of $150 per child for up to three children for families earning up to $100,000 […]

Yankee Institute: $55.7 Billion Budget Will “Turbo-Charge” State Spending Spree, Return to Tax-and-Spend Past

Yankee Institute expressed strong opposition to the proposed $55.7 billion biennial budget, which ignores Connecticut’s constitutional spending cap and paves the way for dismantling crucial fiscal protections and increasing taxes.   Although Connecticut lawmakers have claimed that our state will suffer a “fiscal emergency” due to federal funding cuts that are still unknown, the budget — passed by the Appropriations Committee — already exceeds th…

Lawmakers challenge Lamont to tax rich to pay for child tax credit

A key legislative panel endorsed a new $150-per-child state income tax credit Wednesday for middle class families, alongside a temporary income tax surcharge on wealthy households to ensure the relief won’t vanish if cuts in federal aid push state finances into distress. The complementary proposals advanced Wednesday by the Finance, Revenue and Bonding Committee set the stage for a showdown among Gov. Ned Lamont and his fellow Democrats in the l…