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

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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


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