Connecticut budget

David Karp / AP

A bill before the Connecticut General Assembly's Finance, Revenue and Bonding Committee would place a tax on hedge funds. For some Democrats in Connecticut, the idea is simple: hedge funds have the money and they already get a tax break, so the state could plug budget holes with a 19 percent surcharge on investment companies.

Supporters of the bill, including Committee Vice Chair Rep. Josh Elliott of Hamden, say it would raise $535 million a year, and effectively close the tax loopholes investment managers get from the federal government.

(AP Photo/Bob Child)

State Comptroller Kevin Lembo is projecting that Connecticut ended the 2016 fiscal year on June 30th $279 million in the red. That’s about a $36 million improvement on what Lembo had predicted last month.

AP Photo/Jessica Hill

Connecticut Governor Dannel Malloy has released a revised budget plan for the next fiscal year that begins July 1st.

Malloy said Tuesday that Connecticut has to align its spending with the revenue it actually has. He said that’s why he is proposing no new taxes. Instead he’s calling for cuts to social services and the withholding of state funding to big hospitals.

At the same time, $12 million earmarked for small hospitals would be maintained.

Ryan Caron King / WNPR

Connecticut is looking at criminal justice reforms to help the budget crisis. WSHU’s Tom Kuser spoke with  Senior Political Reporter Ebong Udoma and reporter Cassandra Basler about this in the third installment of our Friday series on regional politics.

Labor advocates say they want the state of Connecticut to tax companies that pay low wages to their employees, companies like big box retail stores and fast food chains.

Advocacy group Connecticut Working Families says the state effectively subsidizes those companies.

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