Connecticut's projected revenue growth is not keeping pace with growth in the cost of maintaining current state services and state budget deficits are projected through 2012. Unless changes are made, not only will there be insufficient revenues for the increased investments in the education, health, and transportation infrastructure needed to keep Connecticut competitive in the global economy, but cuts in current spending will be required. This candidate brief reviews problems with Connecticut's state revenue system and suggests that this system can become more reliable, fair, and accountable through measures such as a more progressive income tax, a state earned income tax credit, preserving the combined gift/estate tax, reducing our dependence on local property taxes, making business taxes more equitable, and improving disclosure of corporate tax credits and exemptions. (September 2008)

Downloads

Full Report (121.39K)