McKinney to Malloy: Scrap the $55 refund

HARTFORD, Conn. –Republican Senate Minority Leader John McKinney, who is also running for governor, used a memo that shows income tax receipts lagging as a reason the scrap the $55 tax refund.

In this memo OFA says revenue collections are nearly $204.6 million or 16.7 percent below target. That means the state still needs to collect $612 million before April 30 if it’s going to end the 2014 fiscal year with a more than $500 million surplus.

Democratic Gov. Dannel P. Malloy and the legislature’s Democratic majority planned to use the $155 million to give about 2.1 taxpayers a $55 check in the months leading up to the November election.

“A $55 rebate in lieu of permanent and meaningful tax cuts is an insult to taxpayers that should never have been proposed in the first place,” McKinney said. “A $55 rebate isn’t even enough money to fill up most gas tanks, and certainly not enough to fill a tank in Connecticut where our gas taxes are among the highest in the nation.”

See the complete story at CT News Junkie.



5 responses to “McKinney to Malloy: Scrap the $55 refund”

  1. EveT

    Please do not waste taxpayer money mailing out $55 checks. Please.

  2. Don’t Panic

    Tax cuts like those advocated do little to stimulate spending and increase economic activity. Direct payments like these do.

  3. Casey Smith

    That means the state still needs to collect $612 million before April 30 if it’s going to end the 2014 fiscal year with a more than $500 million surplus.
    Wait one minute here. What kind of math is being used? My old fashion arithmetic tells me that if Joey is running around trying to collect $6.12 from his buddies who owe him the money so that he can pay his own debts and have $5.00 to spend, right now he’s $1.12 in the hole. There is no surplus, only outstanding debt. There will be no surplus until Joey actually breaks even.

  4. the donut hole

    Three card Malloy strikes again. NON should put a poll up where we can enter guesses as to how much the state ends up in the red this year along with the number of times Malloy will be quoted as saying we have a surplus. The state has underestimated the money paid out on Earned Income Credit refunds in taxes by over 200% almost every year. Let’s see what the real accounting is after tax season ends. My hunch is full reporting of FY 2014 will be delayed until after the election even though we spend 100s of millions on accountants and software it will still take well over 5 months to report on how the year ended.

  5. piberman

    The Governor’s math is not so mysterious. CT’s budgets depends heavily on capital gains taxes from Gold Coast residents. It will be some months before the 2013 totals are talleyed. The Governor is betting that with a 30% equity gain last year the CT budget will have a nice larger than expected inflow.
    Who can fault the Governor for giving away scarse monies to get elected. After all Democats own the state. Glory be. It may be “our money” but the Democratic super majority makes sure everyone understnds that its “their state”. So smile.

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