Republicans criticize Democrats for changing tax projections

From CT News Junkie.

Republican Senate Leader Len Fasano held a press conference Tuesday to complain that the two-year $43.35 billion budget, which Gov. Ned Lamont received yesterday, increased projected tax receipts beyond consensus revenue.

Consensus revenue was passed a decade ago to make sure the governor’s Office of Policy and Management and the legislature’s Office of Fiscal Analysis agreed on the revenue figures they would use to put together a budget. The legislation that requires them to do that was passed in 2009 when then-Gov. M. Jodi Rell failed to recognize the full extent of the budget deficit. Every year since then the consensus revenue figures are agreed to three times a year by the two branches of government — on Nov. 10, Jan. 15 and April 30.

On Tuesday, Fasano said the budget the General Assembly sent to Lamont earlier this month contains $180 million more revenue over the next two years than anticipated by the April 30 consensus revenue figures.

OPM Secretary Melissa McCaw said that’s because they anticipated an increase in the withholding portion of the personal income tax. The consensus revenue estimate anticipated a 4% increase, but the budget assumes a 5.5% increase.

See the complete article from CT News Junkie online.