He said over the past decade estimates of income tax payments and the final figure trended in the same direction with the exception of 2010 when the income tax was bracketed. The comptroller said the decline was probably due to a 2012 federal capital gains tax rate, which put future gains taking by taxpayers into fiscal 2013, rather than 2014.
Barnes has said he was off guard by the drop, which is tied to a $389.1 million decline in projected revenue from the income tax that was confirmed in the April tax returns.
Lembo has continued to recommend that any surplus be put into the rainy day fund, but also had been warning that the budget relied on $191 million in nonrecurring revenue from last year and $112.4 million in carry forward funding with much of the surplus coming for a one Prada Sunglasses 2017 Collection time tax amnesty and the volatile income tax gain Prada Pink Wallet
Comptroller Kevin Lembo had similar surplus projections until they were revised this week after the revenue picture became more clear, but he had also put out a warning about the one time revenues.
Malloy budget chief should resign over incorrect revenue projection
a $100 million extra towards the state pension fund and $155 million to cover a $55 tax rebate.
The nonpartisan Office of Fiscal Analysis is continuing to predict that there will be a $1.29 billion and a $1.47 billion deficits in fiscal 2016 and 2017.
people of Connecticut need leaders they can trust and who have the skills to get the job done. Connecticut problems are serious, but fixable. With honest and competent leadership committed to smart policies and good decision making, Connecticut can once again be on a path to renewed opportunities and more prosperity for everyone, Foley said in a statement.
hartford >> GOP gubernatorial contender Tom Foley is calling for Democratic state budget chief Ben Barnes to resign over his projections of a surplus this year that has since disappeared.
economic volatility and uncertainty demand sustained financial caution, discipline and rebuilding our Budget Reserve Fund, Lembo said in a release.
Lembo this week said in addition to the $389.1 million drop in projected income tax collections, other revenue revisions were responsible for the remaining $72.4 million decline.
He dropped the rebate earlier this week when it became clear revenues were off and in light of polls that voters saw it as an election year gimmick.
final income tax payments buck historical trends but reinforce my position that Prada Wallet
Gov. Dannel P. Malloy had proposed using a projected $506 million state surplus mainly for savings ($250 million) with Prada Nylon Diaper Bag
tied to the stock market.
He said Barnes can add or caved to election year political pressure when he published budget estimates that are now $471 million less than predicted.
Andrew Doba, a spokesman for Gov. Dannel P. Malloy, said, regarding Foley demand, ridiculous statement is not worthy of a response.
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