Connecticut Governor Dannel Malloy's income tax bill favors the rich | AccountingWEB

Connecticut Governor Dannel Malloy's income tax bill favors the rich

Of course, the rich (i.e., single filers with AGIs > $500,000 or joint filers with AGIs > $1,000,000) in Connecticut are only experiencing a mere 3% 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 Dannel Malloy is a Democrat, isn't he?  Or is he?

Dannel 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 Dannel (blue blood variant of Daniel?) Malloy is a Democrat in sheep's clothing?

One can only wonder if Dannel Malloy is intentionally positioning himself right of the political center because of future political aspirations.   This political strategic dance of inching to the right as the Republican Congress leaps to the right like two birds of paradise in mating season has worked very successfully for Democrats like Barack Obama and Bill Clinton.   (And, of course, who gets screwed inevitably in the end?)  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.

So expect to pay an additional 10% 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,

Connecticut Governor Dan Malloy’s income tax bill favors the rich. It places Connecticut’s deficit on the backs of the middle class. Is Dannel Malloy positioning himself right of center because of future political aspirations?

The Barefoot Accountant

This blog

The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor,  operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC.  Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission.  Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard.  His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.

Bill also writes an Accounting, QuickBooks, and Tax blog:  Accounting, QuickBooks, and Taxes by the Barefoot Accountant.  For entertaining articles, please see his listing at The Amazing Brighenti.

More from this blog