After being hit with the two largest tax increases in state history, this pre-Halloween Friday the 13th could bring even more bad luck and horrific tax hikes for Nutmeg State taxpayers.
Over 100 days into the new fiscal year, Gov. Malloy and state legislators are still struggling to reach a budget agreement. The sticking point is whether the new budget will be balanced on the backs of Connecticut taxpayers once again. Even after admitting earlier this year that his previous tax increases have not worked, Malloy continues to insist that further tax hikes be included in the new budget.
Last month, lawmakers in Hartford passed a bipartisan budget proposal that did not include higher taxes and sent it to Gov. Malloy’s desk, where it was met with a veto. Unfortunately for Connecticut taxpayers, who already face the second highest state and local tax burden in the nation, Malloy is insisting on a new spending plan that raises taxes, even though legislators from both parties have shown the budget can be balanced without another round of job-killing tax hikes.
Connecticut lawmakers are now back at the negotiating table, working on a new budget deal that they hope to have ready by Friday, October 13th. As negotiations continue this week, the new version of the bipartisan budget could potentially include some of the tax hikes that Gov. Malloy has been pushing for all year, the most notable of which include higher taxes on prescription drugs, cellphone bills, hospitals, hotel rooms, vacation homes, and tobacco. Malloy has also proposed raising the state sales tax to 6.5% from 6.35% and the tax on restaurant meals to 7%.
In addition to the two largest tax hikes in state history, Connecticut residents have also been hit with 20 federal Obamacare tax increases in recent years. The last thing they need is to have lawmakers in Hartford pile on with another round of job-crushing tax increases. Connecticut already has a tax climate that is hostile to business and the tax increases being pushed by Malloy will only make matters worse, likely exacerbating the exodus of individuals, families, and employers out of state. Americans for Tax Reform urges Connecticut legislators to stand up to Gov. Malloy (D) and thwart his incessant pursuit of more economy-depressing tax hikes.