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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."
Reading the budget proposal from the Democrats in Connecticut more closely, one would find that the obvious reason they are attempting to increase taxes with such staggering measures is because in terms of budget cuts they have decided to do what amounts to nothing.
The stage is now set for a fierce battle between the Democrats who control the legislature, and Gov. Rell who must sign off on any budget plan for it to take effect. With holidays coming up, negotiations are expected to begin in the coming weeks, with hopes of getting a deal on the table and signed by June 1st, end of the legislative session. We here at Americans for Tax Reform will keep a close eye on this fight as it seems once again the only solution that many legislators keep coming up with is more of the same “tax and spend” policies that landed these state balance sheets in the sad state they are in today.
