Skip to comments.Malloy Tax Adjustments To Hit Wealthy Harder (CT Gov and his budget)
Posted on 04/14/2011 3:35:53 AM PDT by raybbr
After hearing complaints from taxpayers during 17 town hall meetings, Gov. Dannel P. Malloy is expected to announce changes in his tax package as early as Thursday that would increase taxes on the wealthy and help the middle class.
Malloy is expected to drop his plans for eliminating the maximum $500 property tax credit that chiefly benefits middle-class homeowners, Capitol sources said. Instead, the level probably will be lowered to $300.
To help pay for it, Malloy would propose changing the income levels at which tax hikes take effect for the highest earners. Higher tax rates would kick in at lower income levels for those wealthiest residents.
Republicans say that increased taxes like those on income and estates can reach a tipping point and cause wealthy residents to flee the state.
But Democrats and various advocates disputed that notion Wednesday, saying that Connecticut's standard of living is so good that the wealthiest residents would not bolt to other states. The Better Choices Coalition, which supports higher taxes, cited several studies Wednesday that indicated wealthy residents would not head to other states.
"Tax them, and they will not leave," Democrat Leo Canty, a longtime union leader and coalition supporter, said Wednesday. "There is no data that says they will leave.''
Canty disputed the notion that the rich, "like in 'The Grapes of Wrath,' would pack up the Mercedes and the Lamborghinis and load the Perrier up on the roof'" and flee to a lower-tax state.
(Excerpt) Read more at ctnow.com ...
We're ALL the rich.
Hannity last night (paraphrase):"I pay over 55% of my income in taxes...live in Nassau county ,L.I., which has the second highest property taxes in the country..."
Juan Williams:" you choose to live in Nassau county." First words out of a liberal's mouth .
there soon will be
The idea that government has to 'pay for tax cuts' is ludicrous and should be attacked every time its mentioned.
Connecticut has no jobs you idiot! The biotech corps which were the lifeblood of the state moved north to avoid the crushing taxes and now the Dems are going to make it worse!
Pretty soon my state will be uninhabitable.
Taxes? Ever hear of Fla. Ya’ll come.
This is of course is an utter lie by Democrat Leo Canty - which of coure is completely expected.
In 2007 Maryland, a socialist sh!t hole if ever there was one, passed a special income tax, doubling the tax on those making $1,000,000 or more annually. The Sun paper (considerably to the left of Pravda) and the Comptroller of Md (a democrat) both said "they'll grin and bear it."
When the law was passed there were 3000 filers who had that level of income. The first year that the tax was in effect and the returns were counted (2008) there were 1000 people who filed with that level of income. Between state and county income tax Maryland averages about 8%.
Prior to the passage of the law maryland was robbing the high achievers of $240,000,000 to be squandered by the democratic hacks in Annapolis. The year after they got $160,000,000. By screwing the rich they lost $80,000,000. Funny, the Sun paper's editors and the comptroller of Md did not have and smart assed comments to make when this was brought to light.
Personally I'd like to see every high achiever leave the state. Not sure where I'd want them to go though, I wouldn't wish them on Florida or Texas because after all they're most likely Democrats. Maybe Tennessee.
Ct, like other NE states, has had a flat population growth since the Weicker income tax was imposed in the late 80s. This means the outflow of immigrants were barely offset by the growth of illegal aliens.
When Malloy asked Ct unions for savings, they responded tax more.
The weather is a boon, but the real benefits are the lower taxes, better bankruptcy law (homesteading exemption), and less government generally.
Virtually every estate planning client I have worked with over the past decade originally living in New York, New Jersey, or Connecticut has purchased property in Florida and taken steps to change residence and domicile to Florida or another low tax state.
It’s still habitable by vermin.
When ANY group has the power to forceably extract hard earned wealth from another they are NEVER going to willingly give that up. Govt unions are basically gangs of thieves with the armed might of the state to be their enforcers. Actually you can apply that logic to all of government. Gang of thieves doing things to you that you don't want done (e.g. EPA, ATF, etc.) and robbing you to pay for it.
So, let me get this right--if I think I should be paid $200K, but I only receive $100K, then I have paid my employer $100K?
Money never received is not money paid. I don't know how the tax and spend liberals keep getting away with saying things like this.
You do understand that Weicker's income tax was an essentially self-interested move to cut his own taxes by 60%....
As an heir to the Squibb fortune, most of Lowell Weicker's income was unearned (interest, dividends) income, which was at the time taxed at a 10% rate in Connecticut. Earned income was not taxed. The Weicker bill subjected all income, whether earned or unearned, to (up to) a 4% tax rate. Thus, Lowell's tax bill was drastically cut.
The only reason the bill passed was that a Wall Street state senator representing backcountry Greenwich, Republican Bill Nickerson, broke with the rest of the Republicans to support his personal friend and fellow rentier Lowell Weicker.
Yes, and they bring their liberal attitudes and voting habits with them. They sh!t where they ate in NY, Ct or wherever ruining those states, and now the're busy ruining FL and TX because they're too stupid and too arrogant (dunno why, but NY, MA and NJ people seem to be a lot more full of themselves than the rest of the country ie. "flyover country") to realize that their attitudes are what caused the problem in their previous abode.
I remember too well. I was there.
Weicker is/was the most loathe some piece of crap ever.
Indeed. They're the ones who moved to California in the '50s and '60s (and since) and ruined that state completely. California was a really wonderful place before about 1970. Junior Brown really blew things up by allowing public employee unions.
As a soon to retire Cter, we have picked the Villages. Golf, lots to do, and I hear wild women galore.