Connecticut Revenue Comes Up Short Following Tax Rate Increases
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Connecticut Governor Dannel Malloy, who balanced the state’s budget by raising income taxes the most in state history last year, said receipts haven’t met estimates, leading to a $94.9 million revenue miss in fiscal 2012.
The lower-than-expected tax collections mirrors a trend in other states with high-wage earners including New York, New Jersey and Massachusetts, Malloy said yesterday in a statement. Based on official estimates, fiscal 2013 revenue is projected to trail forecasts by $139 million, according to the statement.