ANOTHER CT TAX HIKE

According to a report from Fox 61, WTIC-TV, in a move after Governor Dannel Malloy announced he would not seek a third term for governor, lawmakers are looking to hike the state sales and income taxes.

The sales tax stands at 6.35%.  A proposed bill in the General Assembly would hike that to 6.99%, making it the second highest tax rate in New England.  When looking at the other states in the region, Rhode Island is currently at seven percent, Massachusetts is at 6.25 percent, Vermont is at 6 percent and Maine at 5.5 percent. New Hampshire has no sales tax.

Another proposal would increase the income tax rate on Connecticut’s wealthiest residents. This would affect those making more than $500,000 if filing single annually. If you file jointly, it would be for couples making more than $1,000,000. That rate is at 6.99 percent and a proposal would spike that by half a percentage to 7.49 percent, the highest its been since the tax was introduced more than 25 years ago during the Weicker Administration.

Ironically, Malloy did not propose either tax hike in the budget he presented several months ago.

“Too much thought is going into how to raise additional money and too little thought going into how do we live within our approximate means,” said Malloy.

On Friday, Malloy reiterated his claim of that he would not raise taxes, although he raised taxes many times in his administration, which resulted in businesses like GE leaving resulting in Malloy being labeled one of the most upopular governors in America. Malloy said he’s going to wait and see what lawmakers come up with.

There will be a hearing this coming Tuesday at the capitol on several of these proposals where those for and against can sound off.

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