New State Budget Proposal... Same Old "Taxing" Ideas
The Democratically controlled CT Legislature came up with a way to “fix” their hemorrhaging budget crisis, and figured they would do it later in the week when nobody was watching. Unfortunately for them, with States all over the country facing the same problems… everyone is watching.
The Democrats’ newly drafted budget calls for a variety of tax increases that will hit various groups all struggling to make ends meet in these challenging times. The proposed tax hikes would amount to more than $3 billion over just two years. The Hartford Courant outlined the budget plan in an article late last week:
The Democrat budget proposal will hit Nut Meg State residents in a number of ways:
- A 60% spike in the income tax rate for the state’s most productive residents
- A reduction in the property tax credit (AKA a property tax hike)
- Application of sales tax to items that had been previously exempt (including child car seats)
- Sales tax increase of $80 million
- A 30 percent surcharge on the corporate profits tax outliving the budget
The budget proposal, which passed largely along party lines, drew harsh criticism from many Republicans. Republican Gov. Jodi M. Rell characterized the plan almost immediately after passage, saying "it is the most fiscally irresponsible scheme I have seen in all my years here at the Capitol."