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
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.
Boy oh boy. That about sums it up.
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
"...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.
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.
"I'd Love to Change the World" by Ten Years After.
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.
Ah, the old Social Security reasoning, eh? :^)
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.
Off to Boca, John Galt!
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.
RAT Logic 101. It is below what North Korea and Cuba levy too Mr Looney.
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