Conn. Sees $192M Deficit in Just-Ended Budget Year
Comptroller Kevin Lembo said Monday that revenue from income tax withholding is up 18.3 percent from last year. He said that was expected.
But revenue from estimated tax payments, which are related to capital gains and bonuses, rose less than 6 percent. Lembo said that’s lower than past years.
He blamed the troubled financial sector, which plays a large role in Connecticut’s economy, and the impact of a volatile stock marker on Wall Street brokers and other industry employees who live in Fairfield County.
A budget passed by state lawmakers in May covers the deficit. Minority Republicans criticized Democratic Gov. Dannel P. Malloy and majority Democrats for failing to impose deeper budget cuts.
(Copyright 2012 by The Associated Press. All Rights Reserved.)