Where We Live: Increases in the Income Tax
increases are being felt mostly by Connecticut’s wealthiest residents
Income tax increases are being felt in some paychecks while tax breaks are going out to some big companies.
Those tax increases are being felt mostly by Connecticut’s wealthiest residents...and are showing up in paychecks now. It’s an issue of “fairness” according to some - but another look at the numbers shows the state’s revenue stream is more “volatile” because of a dependence on the rich.
Meanwhile, on the jobs front, the Malloy administration is handing out big corporate incentives to lure workers - a move criticized as “overspending” by some. Especially in a state that already has the lowest business tax burden, according to a new study.
Today, where we live, we’ll tackle tax policy with Ben Barnes the Secretary of the Office of Policy and Managment, and Governor Malloy’s budget chief, and Larry Cafero - the House Minority leader.
Budget guru Keith Phaneuf joins the conversation - and you can too.
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Comments
Listener Email from Paul
Politicians like Larry Cafero love to assail the tax rate because it's easy to whip up public anger and to point fingers. It's a lot harder to tackle other economic climate issues like utility costs, health care costs and labor costs or any of the other issues. Our miserable transit system, outrageously bungled utility deregulation, spiraling health care costs nation-wide and intransigent labor unions are more of the issue here.
Nobody wants to take them on because people on both sides of the aisle get too much money from interested parties and don't see an issue around which they can easily galvanize a public with a short attention span.
Thanks to you and Keith for putting the issues on the table.
Listener Email from Mary
Connecticut is losing jobs because the people with the money - mainly Republicans (remember this was a Republican administration for 20 years) give the money (incentives and tax breaks) to corporations and the super rich, rather than the grass roots people who would start local small businesses. Support for innovative small businesses ( or non-profits) that create 1 - 6 + extra seasonal jobs are irrelevant to Metro Hartford Alliance and CBIA.
There is no nurturing atmosphere for young - or not so young people who do not work within an established corporation or have a position with state or local government. People of all ages are leaving this state because the only people who have a chance - receive respect and support - are those who are within the establishment.
Unfortunately the huge benefits to the "first five" seem to indicate that the practice of big give aways to the biggest corporations continues. Gov. Malloy and other state leaders ought to look at the success of "economic gardening" google that phrase to see what is not happening in Connecticut: http://growinglocaleconomies.com/economic_gardening http://www.kauffman.org/advancing-innovation/economic-gardening.aspx very tired of how the well paid overlook the real problems
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