taxes

Tax Day
4:56 pm
Tue April 15, 2014

Sending Money On An Overseas Round Trip To Avoid Taxes

Round-tripping occurs when American citizens open bank accounts in tax havens such as the Cayman Islands, funnel money into the accounts and then use it to buy stocks and bonds back in the U.S.
David McFadden AP

Originally published on Tue April 15, 2014 6:03 pm

Some investors avoid paying taxes in a move called round-tripping — sending money offshore, then investing it in U.S. stocks or bonds. A study estimates it costs the U.S. billions in lost revenues.

Recently, MIT professor Michelle Hanlon and two colleagues set out to find out all they could about round-tripping.

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Taxes
10:14 am
Mon April 7, 2014

Reverse PILOT Proposal Considered Unfair By Some Connecticut Institutions

Connecticut's state capitol building with the Bushnell Park Corning Fountain in the foreground.
Credit Helder Mira / Creative Commons

Some municipal and state leaders would like to see non-profit colleges and hospitals pay taxes to the towns where they reside. One higher education official said the particular idea currently being floated is unfair. 

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Where We Live
8:32 am
Fri April 4, 2014

Supporting Connecticut Veterans; College Presidents on Reverse PILOT; a Study on Parking

Are parking spaces hurting economic development in cities?
Credit radcliffe dacanay / Creative Commons

A conference was held in Hartford on Thursday to open up discussion about Connecticut’s veterans. The event came just one day after an Iraq War veteran opened fire at Fort Hood in Texas, wounding 16 and killing four, including himself. This hour, we talk about what happened at Fort Hood, and take a look at some of the services that are available to our veterans.

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Connecticut First
5:55 pm
Wed April 2, 2014

Rowland Quiet About Scandal; Malloy Makes Announcement About Pfizer Site

Former governor John Rowland is staying  quiet over a scandal to which he is connected. Rowland told listeners during his radio show yesterday that he would respect the process of a case involving former congressional candidate Lisa Wilson-Foley and her husband, Brian Foley. Both pleaded guilty on Monday to illegal contributions after they gave Rowland $35,000 and failed to report it on financial disclosures.

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Parking
11:45 am
Mon March 31, 2014

Study: Hartford, New Haven Hurt By Abundance of Parking

Downtown Hartford has a lot of parking space, and the city is forgoing tax money for it.
Credit Heather Brandon/WNPR

Regardless of how hard it can seem to find a parking spot sometimes, Hartford and New Haven have built a lot more parking over the past few decades. But that can be a bad thing.

A team of researchers at the University of Connecticut recently investigated the impact of parking policies in six cities across the U.S. 

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Politics
6:15 am
Wed March 26, 2014

Say Goodbye To The Taxpayer-Funded Political Convention

Originally published on Wed March 26, 2014 3:15 am

Ever since the Watergate era, taxpayers have been able to check a box on their federal tax returns and designate a little bit of their tax payment to help finance the presidential campaigns and wean politicians away from big donors.

The public financing program has had its ups and downs. But now President Obama is prepared to sign legislation that, for the first time, takes taxpayer money out of the fund.

First of all, let's pause to reflect on some of the great moments of American political conventions brought to you by presidential matching funds.

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Where We Live
8:16 am
Mon March 24, 2014

Checking In With Senate President Don Williams and House Speaker Brendan Sharkey

Senate President Don Williams and House Speaker Brendan Sharkey
Credit Chion Wolf / WNPR

Today, conversations with Connecticut’s top two lawmakers - Senate President Don Williams and House Speaker Brendan Sharkey - about two big issues: Freedom of Information and taxes.

Williams has announced his retirement after 20 years in the legislature after this session ends. We talk about his tenure, which included the aftermath of the scandal that sent Governor John Rowland to jail. And about his testimony over proposed legislation that would limit access to public records.

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Connecticut First
5:57 pm
Thu March 20, 2014

Jepsen Closes CL & P Investigation; Malloy Discusses Storm Damage Funding

Attorney General George Jepsen and Connecticut Light & Power have reached a $2.5 million settlement over claims that the power company "impaired and impeded" regulators during an investigation into its response to a major snowstorm in 2011 .The utility has agreed to donate the funds to Operation Fuel—which is a Connecticut energy assistance nonprofit group.

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Patient Care
10:04 am
Fri March 14, 2014

Hospitals Plead for Tax Phase-Out

Hospitals said in the coming year, the tax will cost them hundreds of millions of dollars.
Credit DigiDreamGrafix.com / Creative Commons

Hospital executives and employees spoke out at a legislative hearing about the imposition of a tax that they said has had a detrimental effect on patient care in recent years.

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Budget Bills
10:45 am
Thu March 13, 2014

Barnes: Proposed State Tax Rebate Will Generate 1,000 Jobs

Benjamin Barnes before the Finance, Revenue and Bonding Committee.
Credit CT-N

Governor Dannel Malloy's proposal to give Connecticut taxpayers a modest rebate was up for discussion before the General Assembly's tax-writing committee on Thursday. Budget chief Benjamin Barnes said it could be a job generator in the state.

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Legal Marijuana
7:43 am
Tue March 11, 2014

Colorado Collected $2.1 Million In January Taxes On Recreational Pot

Marijuana is stored in bins for trimming and packaging in preparation to be sold retail at 3D Cannabis Center, in Denver.
Brennan Linsley AP

Originally published on Mon March 10, 2014 6:38 pm

For the first time since it legalized recreational marijuana, Colorado is releasing revenue figures: The state made $3.5 million in taxes and fees in January.

As KUSA-TV reports, $2.1 million of that came from the sale of recreational pot and $1.4 million came from medical marijuana.

KUSA adds:

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Economic Development
7:59 pm
Thu February 27, 2014

State Strikes Major Tax Credit Deal With United Technologies

An artist's impression of the planned new Pratt & Whitney headquarters building.
Credit Pratt and Whitney

The state of Connecticut has struck a multi-million dollar deal with United Technologies, which it hopes will safeguard the future of research and manufacturing operations here.

Under the agreement, the state will allow UTC to exercise tax credits it has already built up. The conglomerate can exchange $20 million in tax credits each year, up to a maximum of $400 million.

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Connecticut First
5:00 pm
Thu February 27, 2014

President Obama Visits Next Week; Transportation Committee Hearing

President Barack Obama is coming to Connecticut on March 5 as part of his campaign to raise the federal minimum wage to $10.10 an hour. The visit follows Governor Dannel Malloy’s heated defense of the proposal at a news conference this week in Washington. Governor Malloy urged the General Assembly to pass a bill this year that would raise the state's minimum wage after the president—in his State of the Union address-- called on Congress to implement the policy nationwide.

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State of the State
4:20 pm
Thu February 6, 2014

Malloy, Legislators Get to Work

Credit Chion Wolf / WNPR

Delayed a day by the snow, Connecticut's lawmakers returned to work to open this year's legislative session, and they began their work by hearing a budget address from Governor Dannel Malloy. 

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Open Government
11:56 am
Wed December 4, 2013

Malloy Touts Economic Track Record, Launches New Transparency Initiative

Governor Dannel Malloy signed a new executive order to increase transparency in state investments to promote economic development.
Sujata Srinivasan

The public will soon have access to a one-stop web portal for information on tax credits and direct financial assistance the state is offering to help businesses grow and expand in Connecticut. Governor Dannel Malloy at a press conference in Bloomfield said taxpayers have the right to know what their state government is doing to promote economic development and job creation. 

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The Tax Man
8:10 am
Tue November 19, 2013

Amnesty Program Nets $180 Million in Back Taxes

Department of Revenue Services Commissioner Kevin Sullivan in WNPR's studios on December 5, 2011.
Credit Chion Wolf / WNPR

The Department of Revenue Services said it collected almost $180 million in back taxes through a two-month-long amnesty program. That's far in excess of the $35 million it set as a goal at the beginning of the amnesty.

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Do You Owe?
12:50 pm
Mon October 7, 2013

Connecticut Offers Tax Amnesty

If you owes back state taxes, Connecticut is offering an incentive to get you caught up.
Credit DonkeyHotey / Creative Commons

The state of Connecticut's Department of Revenue Services is offering a amnesty program for individuals and businesses that owe back taxes. Those who take advantage of the program will get a 75 percent reduction in accrued interest, and all other penalties waived. But there are a few catches.

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Here & Now
2:49 pm
Tue July 30, 2013

Obama Proposes Cuts In Corporate Tax Rates

Originally published on Tue July 30, 2013 3:44 pm

U.S. home prices continue to surge. The Standard & Poor’s/Case-Shiller index out today shows a 12 percent increase in May compared to a year ago.

Low interest rates and an improving job market are boosting demand for homes and driving prices up.

President Obama is out with a plan that he says will improve the job market even more. The president is touring an Amazon distribution center in Chattanooga, Tenn. to announce a so-called “grand bargain” to overhaul the corporate tax system.

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Where We Live
10:27 am
Mon July 1, 2013

A New Gas Tax, But What's It Paying For?

Lundgren Photography, Creative Commons

You ever notice how gas prices tend to rise, just when we’re all on the road for summer get-aways?

Well, starting today, we’ll see the prices go even higher – as a Connecticut tax goes up.  It’ll give the state some of the highest prices in the country – but at least that extra revenue will pay to repair the roads…or, not.

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Where We Live
10:22 am
Tue June 25, 2013

Governor Malloy's New Office of Early Childhood, the State Budget, Keno and 2014

Chion Wolf

Yesterday, Governor Malloy signed an executive order establishing the Office of Early Childhood, an idea that has broad support, and funding from the legislature.

"There was no doubt that this legislation, until it apparently got tied up in some politics, was going to pass," said Malloy.

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The Colin McEnroe Show
3:18 pm
Mon June 17, 2013

Rick Perry Wants YOU to Move to Texas

markn3tel, Flickr Creative Commons

Texas Governor Rick Perry is here in Connecticut trying to lure businesses away with promises of low taxes and no regulation.

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News
5:27 pm
Fri June 7, 2013

The truth behind Connecticut's gas prices: Part 3

This week we’ve been exploring why gas prices are so high in Connecticut. One culprit is a little-known state tax on the wholesale price of gas. On July 1 that’ll go up in the largest gas tax increase in state history. But the money won’t go to helping Connecticut’s transportation infrastructure. 

Last week I paid $3.79 cents for a gallon of gas. 46 cents of it went straight to the state of Connecticut. And I was frustrated. So was my fellow gas-guzzler Tracy Fusco.

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News
5:23 pm
Fri June 7, 2013

The truth behind Connecticut's gas prices: Part 2

If you’ve ever wondered why gas prices in Connecticut are so high, WNPR’s Neena Satija is finding out this week. Yesterday she explained that a little-known wholesale fuel tax has a lot to do with it. Today she digs into the history of this tax, which will add around 4 cents to the price of a gallon of gas in July.  

No one was ever really supposed to notice that we had a wholesale tax on the price of gasoline in Connecticut. First of all, the oil companies were supposed to pay it – although they passed it on to drivers instead. 

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News
11:16 am
Fri June 7, 2013

The truth behind Connecticut's gas prices: Part 1

Ever wonder why gas prices are so high in Connecticut? A lot of it has to do with state gas taxes very few people know about – taxes that are about to undergo a steep increase. 

So, last week I paid $3.79 per gallon of gas at a North Haven gas station. This made me angry. And I asked my fellow gas-guzzlers – who’s to blame?

“I can’t determine what’s going on or what’s causing it," said one customer.

“People are making money off it," said another. Other culprits were "oil from the Middle East" and "Saudi Arabia." 

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Behind the Taxes
11:16 am
Fri June 7, 2013

The Truth Behind Connecticut's Gas Prices

This is a three-part series. 

Part 1

Ever wonder why gas prices are so high in Connecticut? A lot of it has to do with state gas taxes very few people know about – taxes that are about to undergo a steep increase. 

So, last week I paid $3.79 per gallon of gas at a North Haven gas station. This made me angry. And I asked my fellow gas-guzzlers – who’s to blame?

“I can’t determine what’s going on or what’s causing it," said one customer.

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State Budget
4:39 pm
Wed May 29, 2013

What Is The State's Constitutional Spending Cap?

If you've been following the negotiations over the state budget, you've no doubt heard three words: constitutional spending cap. But do you know what they mean?...Neither did WNPR's Jeff Cohen, who brings us this report. What is the constitutional spending cap?

"The constitutional spending cap was adopted as part of a broader political agreement to get majority support for the adoption of a state income tax." That's Bill Curry, a Democrat and one-time state comptroller, talking about the law that is now two decades old.

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News
9:38 pm
Sun April 28, 2013

Companies Learn to Blend Physical and Virtual Commerce

The debate over the Amazon tax seemed to put e-commerce giants on one side of a bright line, and brick and mortar businesses on the other. But the fact is that the distinctions between real and virtual businesses aren't so clearly defined.

 

Manufacturing might seem to you and me to be the ultimate brick and mortar business. It's an industry where you make things you can drop on your toe in a building you can walk into. Not so, says David Drake.

 

"All the commerce I do is done electronically."

 

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Taxes
3:46 pm
Wed March 20, 2013

Sharkey: Malloy's Car Tax Proposal Doesn't Have Legislative Support

Jeff Cohen/WNPR

Governor Dannel Malloy's plan to get rid of the car tax for most of vehicles in the state will not likely pass the legislature. That's according to the office of Democratic House Speaker Brendan Sharkey. WNPR's Jeff Cohen reports. A spokesman for Sharkey says that the car tax is one of the most regressive taxes the state has. On that, he's in agreement with Malloy. But Sharkey doesn't think that the governor's plan is the right one. So he's asking a legislative committee to study the issue further.

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Where We Live
10:26 am
Wed March 13, 2013

Governor Malloy and Catherine Smith Discuss Economic Incentives

Chion Wolf WNPR

Governor Dannel Malloy’s popularity is at an all-time high, jumping five points in a new poll to 48 percent. What do people like about the job the governor’s doing? Well, they say he’s good in a crisis...and he’s had plenty of those to deal with.

They’re less pleased with his handling of the state budget and tax policy.

A big part of his time in office has been spent trying to overhaul the state’s economy - investing millions in programs like “First Five” - which promises incentives to certain companies that create new jobs.

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