Rep. Candelora and Fellow Republicans Unveil 2011 Budget Plan

Rep. Candelora and Fellow Republicans Reveal a Common Sense Budget on tax day erasing $736 million 2011 deficit without raising taxes. See a video clip from the news conference, including statements by Rep. Candelora. Download a copy of the Republicans' budget presentation shown at the news conference. At a news conference, Republicans revealed today 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. “To balance our budget everyone must pitch in to help solve our ongoing fiscal crisis. With these hard times, we’ve asked for concessions from legislators, from state employees as a way to avoid layoffs, and called for the consolidation of agencies. At the same time, our plan preserves municipal and school aid while also providing resources and incentives for employers hiring new employees. This plan will put Connecticut back to work, closes the deficit and does not raise taxes,” said Rep. Vincent Candelora 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, 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; “Prior to the deficit vote the legislature made earlier this week, I warned my colleagues that our last budget and deficit mitigation plan plucked off all of the low hanging fruit and squeezed the very last drops out of that fruit. I said that we need to take action to make the tough cuts and create government efficiencies. Inaction is not an option. This plan we Republicans revealed today answers that call to action,” he said.