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Gov. Malloy Says No New Taxes Despite Deficit

The state's budget deficit is now projected to top $1 billion but Gov. Dannel P. Malloy has vowed he won't hike taxes again to close the budget gap.

 

Despite a growing budget shortfall that is expected to hit $1.1 billion in the next fiscal year, Gov. Dannel P. Malloy is vowing that he won't increase taxes again. Malloy last year hiked state taxes by an historic $1.5 billion to help balance the state budget.

Combined with the current year's budget gap of $365 million and the additional shortfall of about $1 billion expected in the 2013-2014 fiscal year, Malloy and state lawmakers are facing deficits of more than $2.5 billion when they meet in early 2013 to craft a new two-year budget, according to the Connecticut Mirror.

Malloy, however, said this week that the shortfalls will not require additional tax hikes. In a press conference following the release of the new budget figures, Malloy said the state fiscal problems are the result of weak economic factors nationwide and that no new taxes would be needed to close the budget gap. 

Tax Man November 18, 2012 at 04:44 PM
Read my lips... No new taxes except now the ones you may read about a day later in perhaps getting rid of the Property Tax credit. You cant keep on raising taxes to fix a spending issue..... The Union concessions were more of a skit from Saturday Night Live rather than actual cuts or true concessions as one may be use to in the private sector.
brutus November 18, 2012 at 07:38 PM
so I guess getting rid of tax deductions does not qualify as new taxes. hey governor, news flash, many - if not most - of us bought homes factoring in the mortgage interest and property tax deductions. you get rid of these deductions, and watch the foreclosures skyrocket and the housing market collapse even further. I'm not even going to bring up how unfair it is because that would be pointless. government is never fair to the middle class.

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