Connecticut Senate Approves Budget With Special Tax of Millionaires

AP Breaking, via TBO.com ^ | 25 April 2002 | Matthew Daly

[LoneGOPinCT]

Just one more reason to leave this state!

Bite your tongue! While there is virtually no reason to stay (half kidding of course) of few of us have to stick around to annoy our liberal friends.

[2Trievers]

Not this kid ... I'm leaving it all up to you and your offspring! &;-) ...and my offfspring for that matter! LOL

[Bloody Sam Roberts]

"Democratic Sen. Martin Looney, co-chairman of the tax-writing Finance Committee"

Boy oh boy. That about sums it up.

[LoneGOPinCT]

You'll notice they don't say how much would be raised by this tax. It is probably almost nothing.

Actually it is a pretty good amount. Under the Democrats' plan, the estimated 6,500 state residents who earn more than $1 million a year would be taxed an extra 1 percent, above the existing 4.5 percent tax rate, on income over $1 million. That surtax - ,retroactive to January and extended through 2003 (intially the were saying it would be for 1 year) - would generate more than $210 million in the next fiscal year

[Bloody Sam Roberts]

You'll notice they don't say how much would be raised by this tax. It is probably almost nothing.

"...a two-year, 1-percent surcharge on people who earn more than $1 million per year. About 6,500 taxpayers would be affected by the surcharge."

Do the math. 1% of 1 million is 10,000. Multiply that by 6500 taxpayers and that is at the minimum, 65 million dollars. For two years that's 130 million bucks. That ain't chump change.

[AppyPappy]

Are you saying the 1% tax will generate $210 million? That would mean those 6500 represent an income of $21,000 million (in G Gordon speak).

[AppyPappy]

$65 mill is chump change to the government. A school building costs double that.

[the]

How she did that with a straight face is beyond me.

She managed to do it because, being charitable, she is not a smart woman.

Moira could be the posterchild for one of my favorite sayings:

Never ascribe to malice that which is adequately explained by stupidity.

[ConservativeNJdad]

And there's a strong disincentive to quit your job and move hundreds of miles away, so revenue lost will remain small.

I think most politicians are thinking of this when they vote for these tax increases. But what they don't consider is the large number of people who are moving to the area or moving within the area for other reasons. If you get transferred to NYC, you could choose to live in NY, CT, or NJ. If you want good schools and low taxes--you would have chosen CT in the 1980's, but now most are choosing NJ.

[Nataku X]

I saw a "special" on a Camel pack for $3.65. How can poor people even afford to smoke? Or perhaps that's why they're poor?

[Bloody Sam Roberts]

Tax the rich, feed the poor, 'til there aren't no rich no more

(Who sang that????)

"I'd Love to Change the World" by Ten Years After.

[Bloody Sam Roberts]

$65 mill is chump change to the government. A school building costs double that.

So, that only means they're half way there and will be looking for the next class of suckers to foot the rest of the tab.

[LoneGOPinCT]

Not this kid ... I'm leaving it all up to you and your offspring! &;-) ...and my offfspring for that matter! LOL

Ah, the old Social Security reasoning, eh? :^)

[2Trievers]

I won't even collect SS ... measly teacher's pension ... and I'm on my own! Some investments ... crying in my coffee now! LOL &;-)

[the bottle let me down]

To start with, this article abuses the English language in a way that is one of my pet peeves: the author doesn't know what a millionaire is. A millionaire is a person with a net worth (i.e., wealth) of $1,000,000. It is quite possible for someone to have a million dollar income and not be a millionaire. After all, they have mortgages and other expenses just like the rest of us.

This confusion between wealth and income results in people thinking that taxes on persons with high incomes can be increased without hurting them at all. It fosters class warfare and prevents people from saving and becoming wealthy.

Besides, this tax is stupid for all of the other reasons mentioned in this thread.

[montag813]

I really hope the millionares leave.

Off to Boca, John Galt!

[jwalsh07]

This might have the potential to adversely affect Greenwich property values. Granted the commute from Nashua is a bit longer. That might be good for the Wichita civil aviation industry. So many possibities, so little time.

Nashua's getting a bit crowded but they can summer at Lake Winnepesaukee and they are close to the ski areas for winter recreation. You might be on to something. You're pretty knowledgeable about the NE for a cowboy.

[LarryLied]

Democratic Sen. Martin Looney. . .noted the 5.5 percent rate that would be charged to the highest income-earners is below the highest tax bracket in New York, New Jersey and many other states.

RAT Logic 101. It is below what North Korea and Cuba levy too Mr Looney.

[OldFriend]

This logic splains how they come to elect LIEberman. If only we could push the northeast into the sea!

[Attillathehon]

On the "UP" side, we finally have a state in which Barbara, Whoopi, Cher and Alec can live with a clear conscience. Let's hold a benefit to provide moving expenses for them.