CT's Malloy Calls For More Tax Cuts As Economy Improves
HARTFORD, Conn. (AP) — Conn. Gov. Dannel P. Malloy, buoyed by estimates of a state budget surplus, is proposing more than $104 million in new tax cuts.
The proposed cuts announced Friday are planned as part of the governor's budget for the 2015 and 2016 fiscal years. They would include exempting non-prescription drugs from the state sales tax and slashing the amount of income tax retired teachers pay on their pensions.
The governor also wants to exempt municipal health care plans from the insurance premium tax, extend an investor tax credit by two years, and open up the state parks for free for two days each summer.
The moves are in addition to the gas and sales tax refund plan the Democratic governor announced Thursday.
Republicans had called that plan insufficient after tax hikes in recent years.
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