Connecticut is financially crippled. And our politicians can’t seem to figure how to bail us out besides raising taxes. In fact, guess what our lawmakers are thinking about doing again? Yep. Instead of cutting spending, they’re looking at raising the sales tax.
TaxRates.com says the state’s Legislature is concocting diabolical ways to slash the deficit. So, everything is on the table. Especially the super-unpopular proposal of jacking the sales tax rate to nearly 7 percent.
Yeah, so much for the Governor’s promise to not raid our wallets. Again.
To be fair, we didn’t really believe him the 2nd time he came forward with that promise. So, who’s gonna buy his lies for a third time in a row?
Oh, wait. Never mind.
Anyways, with the state facing a mind-numbing $3 billion deficit (or more,) our politicians are scrambling. They are throwing ideas left and right in hopes something will stick. Unfortunately, everything they seem to be throwing is directly at whatever is left in our bank accounts.
Haven’t heard any major discussions on how they’re planning on cutting spending. But, we pretty much learned that suggestion falls on deaf ears.
So, they’re holding up a hike in the sales tax like the proverbial holy grail. Like it’s the one thing guaranteed to get them out of the mess they created.
The suggestion first came about because sales tax receipts are facing a steep drop. Yeah, they’re around $4.25 billion now, but they’ll drop to about $3.9 billion over the next two years. Why that is, well, there’s too many theories to count.
So, our lawmakers thinking jacking up the rate will plug that hole. So, instead of going after what’s actually causing people to spend out of state, they’re going to ensure more people do that.
Meanwhile, New Hampshire cackles menacingly in the distance.
So, politicians are debating today whether or not to jack the sales tax rate up from 6.35 t0 6.99 percent.
Today, the Joint Committee on Finance, Revenue and Bonding is holding a public hearing to go over just that, among other cost-saving measures. House Bill 7322 also plans on repealing sales tax exemptions from nonprofits.
Yeah, don’t get me started on that.
So, here’s some other fine proposals that they’re floating today.
Lawmakers are also planning on raiding bed and breakfasts, even Airbnb, by hitting them with an occupancy tax rate. To the tune of 10 percent.
There’s also talks of tacking on a fee on passenger motor vehicle registrations.
Oh, and let’s not forget that our lawmakers are also thinking of increasing the income tax, too. All that I mentioned is in Senate Bill 1054. Alone.
So, the tax man is coming. And he’s coming at us fast.