Senator Tony Hwang Votes NO on SB 1246, Opposes Tax Hikes and Dubious Fiscal Maneuvering in State Revenue Package

HARTFORD, CT — State Senator Tony Hwang (R–Fairfield) last night voted NO on Senate Bill 1246 with substitute language from the Democratic legislative majority, voicing strong opposition to the controversial tax-and-revenue package that includes a capital gains surcharge, significant off-budget spending, and a troubling departure from Connecticut’s hard-won fiscal discipline.

“This bill raises taxes, breaks our state’s fiscal guardrails, and undermines the progress we’ve made toward stability and affordability,” said Senator Hwang. “At a time when Connecticut residents are struggling with rising costs, this plan adds new tax burdens, creates uncertainty for families and businesses, and sets a dangerous precedent for irresponsible budgeting.”

Key Issues of Concern in SB 1246:

• Creates a $700 million off-budget slush fund, reducing transparency and bypassing legislative oversight.
• Breaks the state’s fiscal guardrails, including the spending cap and volatility cap that have protected taxpayers for years.
• Reduces pension payments by $1.7 billion, potentially adding $140 million annually in long-term costs to future taxpayers.
• Imposes approximately $600 million in tax increases over two years, including the largest business tax hike in over a decade.
• Introduces a last-minute capital gains tax surcharge that was not fully vetted and lacks an official fiscal note or impact analysis.

While Senator Hwang supports the concept of targeted tax relief—such as the bill’s $150-per-child tax credit—he opposed trading that relief for risky tax hikes and fiscal backsliding.

“We should not be financing tax credits on the backs of small businesses, retirees, or entrepreneurs,” Hwang said. “This capital gains surcharge was rushed into the bill without public input or proper scrutiny. That’s not how sound policy is made.”

He added: “I’ve consistently supported responsible, bipartisan budgeting. This bill not only threatens that progress—it jeopardizes Connecticut’s economic competitiveness and long-term fiscal health.”

Senator Hwang reiterated his commitment to smart budgeting, long-term pension reform, and creating a business climate that fosters job growth, not tax flight.

“Connecticut families and employers deserve stability and honesty from their government. Unfortunately, SB 1246 offers neither. That’s why I voted no,” said Hwang.