Tax Relief & Affordability
Ryan has been a strong advocate for lower taxes and fiscal responsibility in our state, including authoring a plan to cut taxes across the board, protect the spending cap in our state, and streamline regulations to lower the cost of living.
Connecticut’s economic growth has been too low and taxes and cost of living too high for many years. Ryan has been a strong advocate for growth and lower taxes and cost of living in the Senate and has written dozens of proposals to make those reforms. He has earned a 100% score for his pro-economic growth voting record from the CT Industry and Business Association and he has been endorsed by the National Federation of Independent Businesses CT and CT Realtors for his economic record. But more importantly, he is a substantive leader on economic issues. Here are the main aspects of Ryan’s plan for lower taxes and cost of living:
1.) Cut taxes across the board and broaden the tax base:
-Ryan authored a tax reform to proposal to cut tax rates equating to $2,000 for the average family in our district
-The plan would be financed by reducing special credits and deductions for select industries in the tax code and by limiting spending growth and debt
2.) Limit spending and debt:
-Protect the state’s spending cap that has improved the state’s fiscal situation since it was passed at Republican urging in 2017. Currently Democratic legislative leaders want the spending cap broken
-Strengthen the debt diet to reduce bonded debt issuance and future costs to taxpayers
-Reduce wasteful spending, ensure future state employee contracts are fair to taxpayers and in line with private sector worker pay, divest state of money-losing non-core operations, and leverage private-public partnerships to deliver services more efficiently
-Ensure the state’s $55 billion in pension assets are managed by a fiduciary board with legal responsibility rather than a sole fiduciary in our state’s elected treasurer. Only one other state has a sole fiduciary responsible for so much money, North Carolina, and they are one of the only state’s with lower returns than Connecticut over the last 20 years
3.) Streamline regulations to reduce cost-of-living:
-Require that major existing and all new regulations are scored for a cost-benefit
-Liberalize occupational licensing requirements for skilled workers and increase reciprocity for licenses from other states
-Eliminate Certificate Of Need laws that make it hard to build new health facilities, there by raising the cost of care and destroying good health care jobs
-Lift caps on apprenticeships to give a pathway to employment to more young workers in the trades.
-Pass Ryan’s energy plan to cut electricity costs by over 10% per year
We can raise incomes for families, create jobs in our state, and cut the cost of living for all. But that can only happen if we correct the mistakes made in our state government in the past. Let’s build a coalition across the political spectrum to bring the change that we need in our government to create a brighter future for all families.