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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on February 14, 2011, 02:50:12 PM
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Malloy Proposes Largest Tax Hike In History
Every Tax To Be Raised
POSTED: 4:44 pm EST February 14, 2011
UPDATED: 5:41 pm EST February 14, 2011
Conn. -- Gov. Dannel Malloy proposed one of the largest tax increases in state history on Wednesday.
Malloy said he was seeking $1.5 billion in new annual revenue from income tax hikes on the wealthy and middle class, and new sales tax on clothing and other long-exempt products and services.
Malloy's revenue-raising plan involves overhauling the largely flat state income tax, replacing its three rates with eight. But most of the changes, in terms of detail, occur at the middle-income levels.
The 3 percent rate on initial earnings would gradually be phased out, beginning with individuals earning more than $56,500 and couples topping $100,500.
Those who don't qualify for the 3 percent rate would face a 5 percent tax on initial earnings.
Five new marginal rates would be applied to single individuals and couples: 5.5 percent on earnings above $50,000/$100,000; 5.75 percent above $100,000/$200,000; 6 percent above $200,000/$400,000; 6.25 percent above $300,000/$600,000; and 6.5 percent above $400,000/$800,000.
A middle-class property tax credit worth up to $500 would be eliminated.
In comparison, when the Democrat-controlled Finance, Revenue and Bonding Committee tackled an imposing deficit two years ago, the panel recommended three new marginal rates that were all aimed at incomes above $500,000 and topping out at 7 percent.
Refresh this page and watch Eyewitness News for updates on this story.
http://www.wfsb.com/news/26863581/detail.html
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WTF? I am trying to movre there to escape NY taxes.
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These tax vultures never quit.
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I would agree to most tax increases if the resulting revenue went to anything I received absolutely ANY direct or indirect valus out of.
Fixing potholes, building prisons and improving society are great. Public employee union payoffs, corporate capital infusions and welfare payouts are not.
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Dems are not going to cut off their main voting base.
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CT is $3+ billion or so in debt thanks to years of reckless spending. :-\
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If they really slashed spening in conjunction, people might not feel as bad about it.
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If they really slashed spening in conjunction, people might not feel as bad about it.
Haha, fat chance.
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My dad tells me stories about the stamford pd and the scam they go going on. Same as ny and cali.
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With all the snow we got last month, something like 40%+ of the Amtrak cars had broken down or were messed up. So it turns out that the new cars they bought 3 or so years ago were still being "tested" and not in service. By time they them in service they're going to be needing replacements again.
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Terrible. I'm pretty sure our new governor will be doing the same thing.
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Moodys just listed hawaii in the worst shape or very close to it.
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My dad tells me stories about the stamford pd and the scam they go going on. Same as ny and cali.
The Bridgeport police had a nice scam going for a while...
Shit never stops...
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The Bridgeport police had a nice scam going for a while...
Shit never stops...
You talking about the scandal that came out like two months ago? Can't believe they were getting away with that shit.
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Moodys just listed hawaii in the worst shape or very close to it.
Does not surprise me. That's what one-party rule gets you.
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In ny, thankfully cuomo is trying to be like christie.