These policies act more as roadblocks and hinder the General Assembly's ability to act democratically.
Some of these measures are decades old. They lock in social inequality from 1991 - and don't allow for changes that serve the state's needs in 2024.
These roadblocks bypassed public input and bound our state to these rules for years to come.
They prevent long-term stability by making it nearly impossible to invest in programs that could reduce future public service needs and increase tax revenue (like higher education).
One measure in particular, the Volatility Cap, limits the state's ability to appropriate some revenue, leading to a huge build-up of surplus funds that we cannot use even in times of great need.
If we want tax reform, we need to get these roadblocks out of the way. Under the current fiscal roadblocks, even if we fixed CT's upside-down tax structure, we still couldn't invest the additional revenue making it impossible to unburden the working class.
Amend and adopt a sensible revenue intercept: A new revenue intercept process would allow legislators to earmark funds for specific purposes, like public education and health services.
Reform the volatility cap: This cap should be indexed to tax rates and based on a rational study of revenue volatility over time, so that the state can appropriate funds more effectively.
Revise the statutory spending cap: Removing confusing language about revenue intercepts and exemptions for distressed municipalities would allow for more targeted investments in certain areas.
Repeal the bond lock: This would restore majority rule in the General Assembly and allow future legislatures to adjust the budget rules as needed.