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Mon Jan 3, 2022, 03:30 AM

Billions collected, millions returned: How CT and its politicians keep unclaimed money from the publ

Every year, the state of Connecticut sweeps up millions of dollars in uncashed checks, forgotten insurance policies and long-ignored investments with the promise of seeing those assets safely returned to their owners.

But a state program that was created to return so-called unclaimed property is operating in ways that can make it nearly impossible for people to learn the government owes them money.

From the 2000 to 2021 fiscal years, the Connecticut Treasurerís office collected more than $2.3 billion through that program. Yet it returned less than 37% of that amount to its owners, according to an analysis by the CT Mirror.

There are clear incentives for politicians to keep the money: Most of the unclaimed cash goes into the general fund, making it easier to balance the state budget. And part of it also goes to the Citizensí Election Fund, the public financing apparatus for political campaigns.

Read more: https://ctmirror.org/2022/01/02/billions-collected-millions-returned-how-ct-and-its-politicians-keep-unclaimed-money-from-the-public/

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