Rep. Staneski Releases Statement on New State Budget Numbers

From the State Representative: With the announcement that state revenues are dropping faster than we can count, Connecticut needs to get serious and craft a budget that has the state live within its means.

The policies of the past have NOT worked. Both in 2011 and 2015 Connecticut passed the two largest tax increases and yet the budget deficits are higher now than ever. We are now facing a $5 billion deficit in the next two years.

According to the Department of Revenue Services, the top 100 taxpayers’ income tax collections are down 45%. Taxing the high income earners has had a dilatory and destructive effect on Connecticut’s economy.

The latest state budget numbers are:

• Fiscal Year 2017 (ends on June 30) – State revenue is down $413 million. The budget deficit is approximately $380 million.
• Fiscal Year 2018 – State revenue is down $597 million. The projected budget deficit is $2.3 billion.
• Fiscal Year 2019 – State revenue is down $865 million. The projected budget deficit is $2.8 billion.

Photo courtesy of the State Representative