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Connecticut Senate Approves Budget With Special Tax of Millionaires
AP Breaking, via TBO.com ^ | 25 April 2002 | Matthew Daly

Posted on 04/24/2002 9:21:42 PM PDT by Vigilant1

By Matthew Daly Associated Press Writer
Published: Apr 25, 2002

HARTFORD, Conn. (AP) - The state Senate approved a budget plan Wednesday that would make Connecticut the only state to impose a special tax on millionaires.

The $13.5 billion budget plan approved by the Democrat-controlled Senate includes 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.

The 20-16 vote was decided largely along party lines. The House may vote on the proposal as early as Thursday. Republican Gov. John G. Rowland has promised to veto the budget plan.

Republicans complained that the tax was unfair and antibusiness and could force thousands of well-to-do residents to leave the state.

The state "shouldn't provide disincentives to people to create wealth, to create jobs and to give to the United Way," Rowland said. "These people could live in Florida at the snap of a finger."

But Democrats said it was only fair to target the wealthy, since the state had already raised taxes on poor people by increasing the cigarette tax by 61 cents per pack.

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

If the budget is approved by the House and signed by Rowland, the millionaire's tax would be the only one of its kind in the country, said Mandy Rafool, a tax specialist for the National Conference of State Legislatures.

AP-ES-04-24-02 2352EDT


TOPICS: Breaking News; Business/Economy; Front Page News; Government; News/Current Events; US: Connecticut
KEYWORDS: classwarfare; conneticut; taxes
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To: 2Trievers
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.

41 posted on 04/25/2002 5:20:11 AM PDT by LoneGOPinCT
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To: LoneGOPinCT
Not this kid ... I'm leaving it all up to you and your offspring! &;-) ...and my offfspring for that matter! LOL
42 posted on 04/25/2002 5:28:00 AM PDT by 2Trievers
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To: Vigilant1
"Democratic Sen. Martin Looney, co-chairman of the tax-writing Finance Committee"

Boy oh boy. That about sums it up.


43 posted on 04/25/2002 5:30:01 AM PDT by Bloody Sam Roberts
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To: AppyPappy
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

44 posted on 04/25/2002 5:37:01 AM PDT by LoneGOPinCT
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To: AppyPappy
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.

45 posted on 04/25/2002 5:41:52 AM PDT by Bloody Sam Roberts
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To: LoneGOPinCT
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).
46 posted on 04/25/2002 5:42:08 AM PDT by AppyPappy
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To: Bloody Sam Roberts
$65 mill is chump change to the government. A school building costs double that.
47 posted on 04/25/2002 5:44:12 AM PDT by AppyPappy
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To: LoneGOPinCT
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.

48 posted on 04/25/2002 5:44:20 AM PDT by the
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To: NittanyLion
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.
49 posted on 04/25/2002 5:46:17 AM PDT by ConservativeNJdad
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To: Vigilant1
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?
50 posted on 04/25/2002 5:46:48 AM PDT by Nataku X
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To: grania
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.

51 posted on 04/25/2002 5:47:16 AM PDT by Bloody Sam Roberts
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To: AppyPappy
$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.

52 posted on 04/25/2002 5:52:10 AM PDT by Bloody Sam Roberts
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To: 2Trievers
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? :^)

53 posted on 04/25/2002 5:54:46 AM PDT by LoneGOPinCT
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To: LoneGOPinCT
I won't even collect SS ... measly teacher's pension ... and I'm on my own! Some investments ... crying in my coffee now! LOL &;-)
54 posted on 04/25/2002 6:00:40 AM PDT by 2Trievers
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To: Vigilant1
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.

55 posted on 04/25/2002 6:11:27 AM PDT by the bottle let me down
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To: concerned about politics
I really hope the millionares leave.

Off to Boca, John Galt!

56 posted on 04/25/2002 6:12:47 AM PDT by montag813
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To: Torie
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.

57 posted on 04/25/2002 6:26:59 AM PDT by jwalsh07
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To: Vigilant1
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.

58 posted on 04/25/2002 6:28:01 AM PDT by LarryLied
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To: Vigilant1
This logic splains how they come to elect LIEberman. If only we could push the northeast into the sea!
59 posted on 04/25/2002 6:30:22 AM PDT by OldFriend
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To: Vigilant1
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.
60 posted on 04/25/2002 6:43:30 AM PDT by Attillathehon
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