Malloy Calls For Tax Refunds Of $55 To Individuals, $110 To Joint Filers

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Gov. Dannel Malloy announced a proposal on how to manage the state's surplus. Photo Credit: File

FAIRFIELD COUNTY, Conn. -- Gov. Dannel Malloy outlined an election-year budget proposal in a speech in Derby on Thursday that included a call for tax refunds for Connecticut residents

Malloy made his budget proposal just a week before legislature opens. The three-point plan outlines "responsible fiscal management of the state’s current surplus," a statement said. It would bolster the rainy day fund, make a substantial payment on long-term debt, and provide modest tax relief for residents.

“Connecticut has faced more than its share of challenges over the last few years. Now that things are beginning to improve, it’s critical that everyone shares in the recovery,”  Malloy said in a statement.

“The plan I’m laying out today takes the responsible path. It puts money in the rainy day fund so that we can be prepared the next time we face financial challenges. It puts additional money into our pension fund so we can pay down our long-term debt. And it provides a modest refund for residents who have faced more than their fair share of obstacles.”

The governor outlined his three-point plan to manage the state's estimated $505 million surplus in the speech. The most attractive to residents might be a sales and gas tax refund that would net $55 to individuals earning less than $200,000 and $110 to joint filers earning less than $400,000.

Other proposals would be to reinvest the surplus included bolstering the "Rainy Day Fund" by depositing $250 million into the Budget Reserve and paying down long-term debt by making an additional $100 million payment toward the state’s pension fund, which would save tax payers more than $430 million over 20 years, according to the governor's proposal.

Malloy also said he will introduce legislation that would mandate any surplus in future years be used for these three specific purposes. 

“The budget proposal we are introducing creates a sustainable budget framework that will enable the state to achieve balanced budgets in the coming years and put our state on a path towards strong financial footing,” Malloy said in a statement. “We are creating a solid foundation that supports necessary services while allowing for potential further reductions in taxes in the coming years.”

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    Comments

Comments (19)

RG of Mayo:

$55.....what a joke. It'll probably cost at least half that for the bureaucracy to issue the check.

sizzleT:

these refunds are ridiculous. what is the cost of administering the program. Why not plow it back into debt or unfunded liabilities. Are we just buying votes to encumber our future? this is just stupid.

Ken P Jr:

Whats anybody going to do with $50 or $100 in this the most expensive state in the country, created by these Democrats?

“We are creating a solid foundation that supports necessary services while allowing for potential further reductions in taxes in the coming years.”

He doesn't know what a reduction in taxes is, his party has done NOTHING to reign in spending and has overseen & promoted the greatest tax increases in history.

Besides, there can be NO surplus if we still have debt, to the tune of several billion dollars. This is just another sign of the utter contempt for responsibility which has become an integral part of the Democratic party both nationally & locally.

Broad River:

Life is most expensive for people living in Hawaii, New York and Washington, D.C., and cheapest for those in South Dakota, North Dakota and Mississippi, according to U.S. government data.

sean.armstrong.7359:

With that little bit of money, coming to each individual. Why not invest it (certainly not in our state) so that our money which we have been overcharged (on something,,everything in CT to have a surplus that large) would return better dividends!

BigWilly:

you're half right. the premise, however, is incorrect. the State is NOT better at investing than you are. remember Solyndra?

YOU should invest YOUR money.

sailorlady1:

With all of the states needs a refund pandering to elections seems to be a poor way to use a surplus. We need infrastructure rebuild and repair. How does this refund create jobs? Not much the governor does makes sense except for self serving politics.

M3 Driver:

NOW FOR THE FACTS THE RIGHT WINGERS HATE
The Connecticut surplus is twice what analysts thought it would be, and for a state that in 2011 faced a massive $3 billion budget hole it’s great to be in the black at last. Gov. Dannel P. Malloy said in a statement that the increased surplus “. . . highlights the continued progress we have made in turning a record-setting $3.6 billion deficit to a surplus of more than $500 million, while at the same time making smart investments to improve our education system and grow jobs.”

Robby.Rob:

Thanks You governor Malloy you have my vote

Alethiologist:

We are in surplus only because we are paying more taxes. The better choice would be to cut government spending! We all have to work harder, and send $ to Hartford, to feed a bloated government.

MPro:

He wants to give everyone $50! What a joke! What am I going to do with $50 wipe my ass? What a disaster this guy has been for the state. Complete disaster.

LOOK AT THIS:

MPro
FYI
He inherited the disaster from the republican criminal Rowland and the Republican Grandma Rell

Ken P Jr:

Umm, unless you live under a rock, or are just stupid, you know that regardless of who the governor was, our state has been a Democratic stronghold for decades. When we got a Republican Governor it was with Democrat blessing because they were as liberal as the Democrats. We are a poster child for how the Democratic party does business.

Robby.Rob:

Oh Kenny again with the excuses..SO SO SAD

M3 Driver:

Thanks Governor Malloy for a job well done

john.real.965:

Malloy is in election mode. The poor are already on his side, now he needs to bring the upper middle class to his side, hence the bribery using taxpayers money.

ccapp711:

There is just too much negative to say about how Malloy is governing this state that I would need much more space than this space will allow, but here goes; he increased sales taxes in CT but gave hugh tax breaks to business to move into the state; gas taxes are one of the highest or the highest in the country; CT unemployment rate is still one of the worst in the country, and on and on. It is insulting to give us back the $55 or $110 do something so that you do not have to increase taxes again in the future.

Andy K.:

Here is what sucks about this proposal. #1 We're still carrying unfunded pension/long term debt that will cost us orders of magnitude more down the road. #2 This kind of "buy a vote now" kindness should be focused on better long term recovery measures like dropping our outrageous CT gas taxes. Save me $200 a year at the pump and I'm more likely to vacation or travel, which leads to consumer spending. That spending is what will spur the economy!

Alethiologist:

As long as the state employee unions get "theirs" !!

Why aren't they on Social Security like the rest of us?

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