It’s your money and Wednesday, we’re getting a better idea of how lawmakers want to spend it.
Everyone knows from your household budget, there are two sides, the amount of money coming in, and the amount you spend, and today is all about ways Connecticut can increase money coming in, with less money being spent.
More money coming in means taxes and tolls, and that is always controversial. One of the ideas is to extend the state sales tax to all things digital, so every time you download a song, movie, app, or video game, the state would collect some money.
Then there is the proposed 10 cent tax on plastic bags and the 25 cent deposit on liquor bottles.
And the tolls. Governor Lamont ran on the promise of tolling just out of state trucks, now he is talking about tolls on everyone. You have to remember, though, whatever he says today, it is the beginning of a conversation he will have over the next few months with 187 people in the state legislature, so for the moment, it’s just talk.
“I’m going to be talking about, you know, the Sales Tax. I’m going to be talking abut the bond diet. I’m going to be talking about how we use technology to drive down the cost of government over a period of time,” said Lamont.
Speaking of driving down costs, that bond diet of his would mean the state borrowing less, half a billion dollars less is Lamont’s goal.
Then there is the big elephant in the room – employee pensions. The governor proposes refinancing the bulk of the state employee pension plan, sort of like you would refinance your mortgage.
He is also proposing cities and towns pay for a quarter of their teacher pensions. Right now, teachers pay 7% and the state pays the rest, so municipalities would go from zero to 25%, which could easily drive up your property tax.
But again, the budget adress is the beginning of a conversation.
For the full budget documents, click here.