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

Related: Greens Call State Budget Unfair