Malloy's Tax Plan

http://www.futureofcapitalism.com/2011/02/malloy-tax-plan

The Democratic governor of Connecticut, Dannel Malloy, is proposing $1.5 billion in tax increases, including raising the retail sales tax to 6.35% from 6% while increasing the base of items that are subject to the tax. He also "has proposed eight income tax rates, ranging from 3 percent for joint filers earning up to $20,000 a year to 6.7 percent for joint filers earning $1 million," the Hartford Business Journal reports. The tax increases would be retroactive to January 1, according to the Journal, which doesn't mention the federal constitutional prohibition on ex post facto law. The Tax Foundation indicates that Connecticut now has three income tax brackets, topping out at 6.5%.

The New York Times's David Halbfinger has a news article based on an interview with Mr. Malloy critical of the Republican governor of New Jersey, Chris Christie, headlined, "Connecticut Governor, Tackling Budget, Criticizes Christie's Approach." The Times article describes Mr. Christie as "blustery and bellicose," and the article quotes Mr. Malloy accusing Mr. Christie of "insanity," of acting "rudely," and of being proud of having a chip on his shoulder. There's no indication that the Times sought any response from Mr. Christie to this criticism, and no response from Mr. Christie is included.

by Ira Stoll  |  Feb 16, 2011 at 9:22 am Related Topics:  Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list