| Given the state’s strong financial position, I stand with the Governor and the Moderate Democratic Caucus in the strong belief that the budget should not include any tax increases. Connecticut’s current fiscal outlook is better than it has been in decades. The state currently has an $828 million budget surplus, a historically high rainy day fund at $3.5 billion, a credit rating that has been upgraded by 4 separate rating agencies this past year, and an unanticipated additional $1.26 billion payment toward the longstanding unfunded pension liabilities.
The state has a unique opportunity to leverage our robust financial position and reaffirm that Connecticut is good for businesses. I want our state to send the message to people and businesses alike that we want you here; we are a great place to live and also a great place to operate your business. With the windfall of unanticipated revenues and federal dollars, we must capitalize on this moment to invest in our schools, main streets, infrastructure, and municipalities without increasing taxes.
Furthermore, in recognition of the disproportionate impact of the pandemic on Connecticut’s working families, the state must ease the financial burden on the middle class using initiatives such as the earned income tax credit and the child tax credit to ensure an equitable recovery.
With a strong revenue outlook and a Budget Reserve Fund that will roll over $200 million into FY22, Connecticut has the resources to invest in what is most important, improve the state’s fiscal reputation, and continue to grow our economy without raising taxes. |
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