Green Party of Connecticut - on the State Budget

State Budget Fact Sheet

Facts about the 2003-2004 CT State budget

Tax exemptions for corporations and the wealthy accounted for $3.7 billion or 29% of the state total revenues
Connecticut leads the nation in per capita bonded debt.
The state’s marginal tax rate is highest on the $60,000-90,000 income bracket.
The marginal tax rate on the highest income bracket is the 5th lowest in the country.
Connecticut’s taxation of corporations is the lowest among adjacent states.
Tax credits for corporations have increased 50-fold since 1991.
Connecticut foregoes more than 70 cents in tax breaks for every dollar it actually collects.
Fifty-seven percent of state bonds are used to cover operating expenses.
Bonded debt has doubled in the last decade.
The State office of Fiscal Analysis found that $738 million in tax abatements had no rational basis.
State Deficits were covered by spending reserves and windfall funds
Moody’s gave Connecticut a “negative outlook” because of the poor handling of state finances