Keith M. Phaneuf / CTMirror.org
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Gov. Ned Lamont will unveil a $26.1 billion budget Wednesday for the next fiscal year that features few new initiatives and a plan to dramatically reduce Connecticut’s bonded debt using rapidly accumulating reserves from its transportation program, according to sources familiar with the plan.
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Projected tax receipts up almost $60 million next year, but Connecticut lawmakers may not get to spend them as hoped.
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Nearly 40 percent of Connecticut households are unable to afford the basics.
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Sales tax holidays — available this year in 19 states — are too limited to provide any meaningful tax reform, with wealthier households generally benefitting the most, according to a new analysis from a progressive policy group.
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Having just wrapped its third-successive fiscal year on pace for a budget surplus that tops $1 billion, Connecticut can expect another three years above or near the $1 billion mark.
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State's two year budget features middle class income tax cut and big new investments in local schools as it heads to Gov. Ned Lamont for his expected signature.
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Two year state budget includes a big investment in local schools, more modest hikes for social services and higher education and tax cuts.
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Officials say fiscal guardrails can’t respond to inflation and other challenges.
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With final negotiations on the next state budget about to begin, Gov. Ned Lamont doubled down on his positions Wednesday, praising Connecticut’s fiscal guardrail policies and urging lawmakers to set spending priorities while delivering a broad-based income tax cut to the middle class.
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Two-year budget also would boost local education and social services and would keep many state jobs vacant.