Friday, May 2, 2014

Malloy bribing teachers for votes-What about tax-breaks for the rest of CT retirees?

Back in February, when he believed the tax outlook was much rosier, Malloy proposed a two-stage income tax break for retired teachers living in Connecticut. His budget would exempt 25 percent of their pensions from taxation retroactive to this past January, saving teachers about $23 million on their tax filings next spring. And the exemption would jump to 50 percent in 2015.
Though full details weren’t available early Friday, Barnes confirmed that the tax break for teachers now would be phased in over three years, and won’t begin until January 2015 – with a 10 percent exemption and affecting tax returns filed in the spring of 2016.
New CT budget deal delays tax breaks, dumps keno, employs questionable savings | The CT Mirror

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