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Health & Fitness

Governor Dannel Malloy's tax bill targets the Connecticut middle class

Connecticut Governor Daniel Malloy's tax bill targets the middle class taxpayers of Connecticut.

If you are in the middle class in Connecticut, be prepared for a shocker. The Connecticut income tax rate is increasing anywhere from 10 percent to 30 percent over that of last year on middle class residents. Plus there are a number of other increases in taxes and fees on clothing, alcohol, tobacco, cigarettes, conveyance taxes, motor vehicle registrations, etc., targeting the wallets and pocketbooks of middle class residents.

Of course, the rich in Connecticut are only experiencing a mere 3 percent increase in their Connecticut income tax rate over that of last year. Now that's quite a disparity in increments in the state income tax rate between the rich and the middle class taxpayers in Connecticut, isn't it?  Is this sharing the pain of our pitiful economy?

If Foley were Governor, perhaps I could understand the inequitable sharing of the economic pain here in Connecticut. But Malloy is a Democrat, isn't he?  Or is he?

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Malloy was born in Stamford and served as Mayor in Stamford. As you know, Stamford is located in Fairfield County, one of the richest counties in the entire United States. It is where many of the rich Wall Streeters live. You know, those CEOs of S&P corporations who earned on average over $11 million in 2009.  Could it be that Malloy is a Democrat in sheep's clothing?

One can only wonder if Malloy is intentionally positioning himself right of the political center because of future political aspirations. This political strategy of inching to the right as the Republican Congress leaps to the right has worked very successfully for Democrats like Barack Obama and Bill Clinton. Recall that Obama raised $700 million in his run for President in 2008.  Those Wall Streeters have a lot more money to contribute to candidates than you and I do.

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So expect to pay an additional 10 percent or more in Connecticut income taxes this year.  And more in sales taxes, and other taxes and fees. And also be prepared to see that Connecticut property tax credit dwindle down to $300 from $500. 

Whatever happened to the progressive tax structure of Franklin Delano Roosevelt?  Those happy days are not here anymore.  And the way our political candidates have been positioning themselves, they will never be here again.

For more specifics on the new tax bill, please see the article,

http://www.cpa-connecticut.com/blog/?p=2906

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