HARTFORD — Today the Connecticut General Assembly’s Finance, Revenue and Bonding Committee held hearings on a number of bills. I had hoped to be present to offer testimony, but Monday is my day home with my four-year-old. I brought him with me a few weeks ago when I went to the Legislative Office Building to testify on the Susitnet bill, but that didn’t go over too well. Testifying involves a lot of waiting around, a skill most four-year-olds haven’t mastered. So we stayed around the house today and I submitted written testimony on Senate Bill 1007, “An Act Concerning the Governor’s Recommendation on Revenues.”
In this bill Gov. Dannel Malloy proposes, among other things, that the state create an Earned Income Tax Credit or EITC. I fully support the creation of a state EITC in Connecticut. If you’re not familiar with the EITC, it provides a modest tax credit for low income workers. We already have a federal EITC. Congress created it in 1975. It was greatly expanded under Ronald Reagan’s 1986 Tax Reform Act. (Yes, that’s right. Ronald Reagan. We don’t hear too many fiscally conservative Reagan fans trumpeting that victory on behalf of working families! If there was ever any authentic trickling down in the 1980s, that was it.) You can learn more about the federal EITC at the IRS website.
Read full post here.