State Budget Fact Sheet
Facts about the 2003-2004 CT State budget:
- Tax exemptions for corporations and the wealthy accounted for $3.7 billion or 29% of the state total
- Connecticut leads the nation in per capita bonded debt.
- The state’s marginal tax rate is highest on the $60,000-90,000 income bracket.
- The marginal tax rate on the highest income bracket is the 5th lowest in the country.
- Connecticut’s taxation of corporations is the lowest among adjacent states.
- Tax credits for corporations have increased 50-fold since 1991.
- Connecticut foregoes more than 70 cents in tax breaks for every dollar it actually collects.
- Fifty-seven percent of state bonds are used to cover operating expenses.
- Bonded debt has doubled in the last decade.
- The State office of Fiscal Analysis found that $738 million in tax abatements had no rational basis.
- State Deficits were covered by spending reserves and windfall funds
- Moody’s gave Connecticut a “negative outlook” because of the poor handling of state finances
Related: Greens Call State