As predicted, Governor Dannel “Dan” Malloy has reneged on his promised tax break to Connecticut’s retired teachers.
As the CT Mirror explains,
The new $19 billion state budget the House of Representatives is expected to adopt late Saturday relies on nearly $200 million in fund sweeps, risky savings assumptions and other gimmicks to stay in balance – including the last-minute discovery of $75 million in “miscellaneous” tax revenue.
But in addition to “finding” a mysterious $75 million, the Governor’s plan cuts the proposed tax break for retired teachers’ pensions for 25 percent to 10 percent and pushes off the effective date from January 2014 to 2016.
As written, the latest Malloy budget will win an award for one of the most gimmick ridden irresponsible budgets to pass the General Assembly in the last 30 years.
Check back for details as they become available…