State Senator Eileen M. Daily
July 30, 2009
Daily, Staples Win Committee Support for New, Pared Revenue Package
State Senator Eileen M. Daily (D-Westbrook) and State Representative Cam Staples (D-New Haven), co-chairs of the legislature’s Finance, Revenue, and Bonding Committee, today won approval from a majority of committee members on a revised, smaller revenue package for the next two years. The lawmakers have been working to resolve a daunting projected deficit, caused primarily by across-the-board revenue shortfalls.
The latest combination of revenue ideas, designed to meet the state’s obligations for the next two years, is the direct result of a new law requiring consensus revenue forecasting. The initiative was vetoed by the governor, but the General Assembly voted last week to override that veto. Upon enactment of the consensus revenue forecasting law, all parties involved in the budget process accepted identical figures so they’re now working to solve the same problem.
“There’s no question but that we’ve made good progress today toward a budget resolution simply because our proposal meets the agreed-upon deficit forecast, and because, for the first time all year, the governor’s new proposal will acknowledge an accurate, identical deficit forecast,” Senator Daily said. “In doing so our package seeks to distribute responsibility fairly across all segments of our state’s residents.”
The lawmakers said the tax portion of the revenue package has been trimmed to just $1.68 billion, a relatively small portion of the state’s projected $8.55 billion shortfall overall. Tax adjustments, again with an eye toward fairness, range from a flat, ‘sin’ tax on tobacco products, to a modified corporation tax surcharge, to a progressive income tax.
“The most important thing to realize about our package approved today is that the vast majority of state residents, who don’t smoke and who earn less than a half-million dollars a year, will be wholly unaffected by these changes,” Rep. Staples said. “For those who are eligible, an income of $12,000 per week will yield an additional weekly tax of $20.”
The lawmakers said they hope the proposals approved today will serve as a useful framework for renewed budget talks between legislative leaders and the governor and her advisors. Those talks were discontinued over a week ago, right after the July 20 Veto Session yielded seven veto overrides.
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