Stefanowski unveils tax plan, which includes taking $3 billion from state’s surplus to cut taxes

Stefanowski unveils tax plan
Published: Sep. 20, 2022 at 7:28 PM EDT
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HARTFORD, CT (WFSB) - The economy is an important issue, and Tuesday the Republican candidate for governor unveiled his tax plan.

Bob Stefanowski wants to take $3 billion from the state’s surplus to cut taxes.

Stefanowski said his plan will reduce inflation and cut taxes.

However, Governor Ned Lamont’s plan is already in effect with record tax cuts.

With a little more than a month before November’s election, Stefanowski is getting out more and spreading his message.

“I grew up here, terrific upbringing,” said Stefanowski.

Stefanowski was in New Haven where he grew up with his family.

He’s come a long way since then, boasting a three-year tax return of $36 million in income. His focus is reducing taxes.

Stefanowski calls his plan CT First. He wants to use $3 billion of state surplus to reduce food, gas and the sales tax.

He’s also calling for property tax relief proposing up to a $10,000 deduction. Overall he says this will save taxpayers $2,000.

“This is a reasonable, executable, rational program,” Stefanowski said.

Edmund Funaro has owned a family pharmacy in this neighborhood since 1965.

“We try to stay here if we can so far we are doing that,” said Funaro.

Stefanowski said Democrats have been in charge of cities for 40 years and he can do better.

Right now inflation is hurting everyone and this year Lamont and Democrats passed $650 million in tax cuts, the largest in state history.

They increased the property tax credit, created child tax credits and an earned income tax credit.

“Compared to four years ago we are in better financial shape, that the Democrats have done an exceptional job working hand in hand with Ned Lamont to ensure that people facing these onerous taxes are able to live in Connecticut and thrive,” said State Representative Josh Elliot (D-Hamden)

Lamont and Democrats don’t want to deplete the rainy day fund because they are using it to pay down state pension debt and they want a cushion if we need this money for a rainy day.

Right now there’s about $5 billion in that fund.