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
I'D LOVE TO CHANGE THE WORLD
Everywhere is freaks and hairies
Dykes and fairies, tell me where is sanity
Tax the rich, feed the poor
Till there are no rich no more
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
Population keeps on breeding
Nation bleeding, still more feeding economy
Life is funny, skies are sunny
Bees make honey, who needs money, Monopoly
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
World pollution, there's no solution
Institution, electrocution
Just black and white, rich or poor
Them and us, stop the war
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
First entry was the Who's "meet the new boss, same as the old boss (won't get fooled again)"
I'm against any tax increases,the bast*rds get enough of my money already.
With that said even if they do get enough votes to override a veto, this is one tax I won't be paying.
The guy who was the head of the Young Dems at my college now writes for said liberal rag. This kid once stated that he hoped to see religious education abolished and even tried to get a pro-abortion organization started at my nominally Catholic university.
One account I saw estimated the "take" for the state would be $215-250 million.
Do the math!
A little over $20,000 per rich person!
Boca Raton is the City of Evil South. Who do you think votes for Robert Wexler? Boca is the heart of his district!
Well, at least the North Shore. Most of the South Shore is filled with blue collar former inhabitants of Brooklyn and Queens.
Ah, but Florida has a little surprise for you!
An ad valorem tax on the ENTIRE VALUE of your stock portfolio!!!
Bwahahaha! Mamma always said, "Smoking is for Europeans and white trash."
Fairfield county , CT is where most of them live and they are all 'Pubs.
Democrats don't tax themselves.
I agree, and I hope Rowland vetoes this bill.
I can assure you, if it does pass somehow, we won't be paying this "Millionaire" tax either! :-)
We aren't Millionaires by any stretch, but we've done some looking into the cost of living here in CT vs. FL. It's mighty tempting to move south, if only for the $$ savings.
Ah, but Florida has a little surprise for you! An ad valorem tax on the ENTIRE VALUE of your stock portfolio!!!
Oh yeah... I do seem to remember hearing about this before.
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