Tax and spend Connecticut strikes again. If you make even a drop of money, you better kiss it goodbye. Now that the state is facing a horrific budget crisis, Democrats say that taxes are gonna take off like a rocket ship.
Okay, anyone find it weird that under Governor Malloy, we saw two of the highest tax increases? Still, our budget problem got worse? Actually, it worsened a heck of a lot faster? Anyone?
So, guess what our friends in Hartford want to do again. Yep, they want taxes to go through the roof to fix their
spending problem I mean budget shortfalls.
CT Mirror reports that House Speaker Joe Aresimowitz won’t rule out another tax hike now that everyone and their mom knows the state will be out $2.9 to $5.2 billion by 2019. So, it looks like we’re in store for the third biggest tax hike in state history.
There’s no other way to write this particular line from the Mirror, because it perfectly captures just how screwed we really are:
“[The] deficit in 2018-19 is larger than any line item in the entire state budget, surpassing such giants as Medicaid, debt service, pension fund contributions and the Education Cost Sharing grant program.”
And what will our political leaders do about this?
Well, our lawmakers are saying they’re going to eat the rich. Because, apparently, they’re not paying their fair share.
The Governor’s office says that the state’s 100 largest income taxpayers paid 45 percent less in comparison to last year. (Gee, maybe because they all kinda, you know, moved?)
So, one option is to jack up the income tax rate for households earning over $500,000 a year from 6.99 to 7.49 percent. However, Finance, Revenue and Bonding Committee didn’t recommend that particular course of action. Maybe because it won’t work? One can only hope someone knocked sense into them.
Either way, an income tax hike is probably on the way. We just don’t know when or how much more we’ll be paying. And when that tax hike comes…
Who wants to guess what’ll happen next? My money is on more people and businesses leaving, the deficit growing, politicians raiding funds they shouldn’t raid, us getting hit with more taxes, rinse, and repeat.
Yo, CT Democrats, you are literally proving the theory of insanity is indeed alive and well. You tried something once, it didn’t work. Actually, it made the problem worse. So, what did you guys do? Oh, you tried doing the same thing expecting a different outcome, but made the problem increasingly worse? What makes you think third time will be the charm? Because I, along with pretty much everyone in this state, sure as hell doesn’t think so.
State lawmakers say they are focusing on stabilizing state finances. Just like I reported last week, everything is on the table, still. Even the unpopular options.
Guess which options are the most highly considered? Yeah, I don’t think you need me to hold your hand for that one.
So not only will we be hit by a hike in the sales tax, our incomes are next.
Anyways, here’s Connecticut’s new state song. Everyone, sing along with me.
Ring around the Rosie
Our lawmakers are full of bologna.
We all leave town