Rep. Marilyn Giuliano and Fellow Republicans Reveal a Common Sense Budget
Budget released on tax day erases $736 million 2011 deficit without raising taxes
At a news conference, Republicans revealed on April 15th, commonly known as tax day, their plan for a state budget that erases the projected $736 million deficit for 2011 without raising taxes.
“This past Tuesday I urged my colleagues to take action immediately to close the deficit for the 2011 fiscal year, which starts in just a few weeks on July 1st. This plan revealed today answers that call to action,” said Rep. Marilyn Giuliano after the news conference.
The balanced plan preserves municipal and school aid, and sets aside $74.5 million to stimulate job growth. Companies that hire the unemployed can earn $17.5 million in tax credits, and the plan establishes a $25 million small business revolving loan fund, and eliminates the Business Entity Tax.
Some highlights of the budget in the areas of job creation and retirement security are:
• A Small Business Revolving Loan Fund of $25 million is created;
• $200 million will be paid into the state employee pensions including teachers;
• The Business Entity Tax is eliminated to save companies $32 million;
• Tax credits of up to $17.5 million will be available to companies that hire off unemployment rolls.
The plan also asks for concessions from legislators, from state employees to avoid layoffs, and calls for the consolidation of agencies.
The hallmarks of the government savings include:
• $10 million in state agency consolidations;
• $58 million in line item cuts returning to 2009 levels;
• $64 million in early retirement for state workers;
• $3.8 million in legislative pay cuts, elimination of franked mail and travel reimbursements
• $6.4 million shed in state office leases;
• $150 million in state worker concessions, including wage freezes, furlough days and health care savings;
“As I said before, raising prices, costs or taxes on Connecticut families is not the answer we need. We must create an affordable Connecticut for everyone. The plan we revealed today accomplishes just that and closes the deficit, without raising taxes,” she said.