Connecticut’s Wealthy Call for State to Raise Their Taxes

Written by on May 17, 2019

Some wealthy residents of Connecticut are calling for higher taxes on themselves and other high-income people living there, arguing that it’s necessary to curb the state’s budget deficit, the Hartford Courant reports.

Fair Share Connecticut wrote an open letter to Gov. Ned Lamont, a Republican, and to members of the state legislature on Friday asking them to support an increase of 3 percentage points, for a top rate of 9.99 percent, on people that earn more than $2.5 million per year and couples that earn more than $5 million per year.

“We are a group of wealthy Connecticut residents who implore you to make us part of the solution to Connecticut’s current fiscal crisis and the strategy for future prosperity across our entire state,” the letter reads. “Specifically, we ask that in this year’s biennial budget, you increase the income tax on us — Connecticut’s wealthiest residents — so that together we can close the budget deficit and invest in Connecticut’s future. We cannot continue kicking the can down the road. We need to take bold action.”

A spokesperson for Lamont dismissed the idea, noting that “Connecticut still hasn’t recovered the jobs it lost during the last recession, lagging behind our neighboring states, and the only way out is to create more good-paying jobs and opportunities for our residents and families.”

The spokeswoman added, “We cannot tax our way to growth. Gov. Lamont has made it clear that he doesn’t want to increase income taxes on anyone, particularly as we continue the fragile economic rebuilding phase of our recovery.”

Source: NewsMax America

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