Posted on 05/01/2015 11:19:25 AM PDT by BillyBonebrake
Nonpartisan legislative analysts and Gov. Dannel P. Malloy’s budget office agreed Thursday that revenue dropped $67 million below expectations between January and April, adding to this year’s budget deficit.
The increase in tax revenue anticipated following the April 15 deadline wasn’t realized, according to budget analysts. In fact, personal income tax collections fell $65.5 million short of projections.
Office of Policy and Management Secretary Ben Barnes had forecasted 25 percent growth in personal income tax receipts.
(Excerpt) Read more at ctnewsjunkie.com ...
Why? Because Connecticut has seen a massive flight of her middle class subjects..., uh, I mean... citizens to freer parts of the U.S.
Love to see those commie mini-countries disintegrate into their natural state...
Maybe build another bus way, yeah, that’s the ticket.
High Speed Rail and a Minimum Wage of $20/hour for uneducated d@mn fools should do the trick! *SMIRK*
They will raise taxes on the “rich” (def: anyone holding a decently-paying job). Anybody who can will get the hell out.
Shut down all the power generation infrastructure as well, it will save the environment.
/ sarc
How about high speed rail, next to a state wide network of busways. We wouldn’t want to discriminate against someone who was afraid of trains the opportunity to travel the exact same route by bus, now would we?
More from the article, the $67 million is just part of Connecticut’s problems.
“In addition to the disappointing revenue figures, Barnes projected that the state currently has a $161.7 million deficit based on the new revenue figures.
. . .
[Democrat] Malloy insisted on the campaign trail that Connecticut would not end the fiscal year with a deficit and promised he could handle any shortfall on his own issuing at least three budget rescissions since last November. None of his attempts have erased the deficit, but they have kept it under the amount that would force him to send a deficit mitigation plan to the legislature.”
Meanwhile in Maine:
Bangor Daily News
Maine’s revenue forecast for current year jumps by $22 million
Posted April 30, 2015, at 11:33 a.m.
AUGUSTA, Maine — The state’s Revenue Forecasting Commission is slightly projecting upward its predictions for state revenue this budget year.
By the end of the fiscal year — June 30 — they expect Maine to get $22 million more than they had originally projected.
“Final payments came in strong — first estimated payments of the 2105 tax year came in extremely strong,” said commission Chairman Mike Allen, the state’s associate finance commissioner. “We can’t find another payment, first estimated payment, that increased by that much — 38 percent over last year.”
. . .
Demographically is Maine is 37% of the size of Conn. so $22 million in tax collections would equal about $67 of Conn’s take.
I do think some of the actual vs projection is guess work for budget planning. Maine has just been more conservative in its forecasting and thus budgeting for that more conservative result.
In the early 90s Connecticut instituted an income tax. After they did they, the went from being one of the bottom 5 lowest taxed states (certainly the lowest in the NE) to one of the top 5 highest taxed states.
Yep—I haven’t quite made it out yet.
Thanks for that comparison. It gives me some ammo when I see a Maine liberal next week. She doesn’t know how good they have it up there. Paul LePage is awesome.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.