This campaign year Governor Dannel Malloy had hoped to present voters with a tax rebate drawn from a budget surplus. The rebate, a slender $55 per person, disappeared because the budget surplus disappeared. On Tuesday, the bad news filtered down from the legislature’s nonpartisan Office of Fiscal Analysis; state income tax receipts for the current budget ending June 30 will fall $357 million short of what had been budgeted. The crystal ball gazers in the Malloy administration affected surprise; the governor was disappointed. He wanted everyone to know, however, that in the event Connecticut produces a future surplus, some of the over-taxation would be remitted to taxpayers by Mr. Malloy, assuming the governor is returned to office in the next election cycle.
A number of economists, the usual culprits, were trotted out to explain who killed Cock Robin.