[Henry10]

Originally Posted by East of the River

Ummmm, so if you earn 100k single filer here in CT you will pay around 20% in income and payroll taxes on average after deductions. You will then pay 6% state income tax. Now you may pay property tax as well so lets say 7k in property tax. So now were up to 33% tax. Sweden for that income would be 51% income tax. We have a 6.35% sales tax Sweden has a 25% VAT. I fail to see how Sweden has a more free market friendly system of taxation other then a lower corporate income tax.

Taxation is just one piece of the puzzle.

CT has comparatively a very high level of taxation. CT has comparatively high level of social services. CT has comparatively a very high level of regulatory burden, CT has comparatively a low level of economic growth.

Sweden had the same things. The point here is the direction which Sweden took, and that CT should take. Encourage Capitalism, deregulate, privatize, cut services (aka spending). Not a rocket science.

I bet you that if CT grew its GDP by 3-4% every year, that would help a lot in making these structural deficits go away.

And stop importing more poor, and stop driving taxpayers away.

[NewJeffCT]

Originally Posted by Henry10

I am not comparing US to Sweden. I am comparing CT to Sweden. CT has a lot more in common with Sweden than with Mississippi. Overall tax burden in CT is over 50%. CT also offers very generous social programs.

The idea is that at time of economic malady, Sweden turned into economic development, privatization, deregulation, lowering of high taxes, reducing welfare -- these things slingshot Sweden to the top of the heap of Capitalistic countries. CT is where Sweden was, and the blueprint is very clear -- rinse and repeat.

Sweden also has a very high rating of Economic freedom and entrepreneurship.

Not really - Connecticut is much closer to Mississippi than it is to Sweden. College is free in Sweden. In Connecticut, UConn is $26,000 for in state students. The University of Mississippi is $24,000 for residents.

Sweden has a national healthcare system funded through taxes that pays for almost 100% of medical costs. Neither CT nor MS have anything close to that.

Sweden has extremely high union membership. Neither CT nor MS do, though Connecticut does not have the wage killing "Right to Work" law.

Sweden allows for 13 months of maternity or paternity leave. Connecticut offers 16 weeks, Mississippi the mandated 12 week minimum.

Minimum wage is Sweden is about $19/hour. In CT, it is $10.10 and MS, it is $7.25.

[hartford_renter]

Originally Posted by NewJeffCT

He did check his facts - see the article he linked. We're paying for 45-50 years of almost no payments to state employees and teacher pension funds. Jay's not exactly a Malloy apologist, either.

What article said we haven't paid into the pension fund for 50 years?

The point is Connecticut is circling the drain because of the Democratic agenda of high taxes and high spending is destroying the economy. Its why this thread has over 6 thousand replies. Get it??

We need to change direction. Do you disagree? With you ridiculous comparison to Mississippi I tend to label you a denier.

Stop denying the truth. Join the Republicans and vote for lower taxes and a massive cut to taxpayer spending on illegals and welfare types.

[Henry10]

Originally Posted by NewJeffCT

Not really - Connecticut is much closer to Mississippi than it is to Sweden. College is free in Sweden. In Connecticut, UConn is $26,000 for in state students. The University of Mississippi is $24,000 for residents.

Sweden has a national healthcare system funded through taxes that pays for almost 100% of medical costs. Neither CT nor MS have anything close to that.

Sweden has extremely high union membership. Neither CT nor MS do, though Connecticut does not have the wage killing "Right to Work" law.

Sweden allows for 13 months of maternity or paternity leave. Connecticut offers 16 weeks, Mississippi the mandated 12 week minimum.

Minimum wage is Sweden is about $19/hour. In CT, it is $10.10 and MS, it is $7.25.

The point is -- from where you are economically -- how do you jolt up and get going? What reforms does CT need to do to grow?

"Free" college, "free" healthcare, $ 19 MW -- have nothing to do with it, and that's not what we are talking about.

We are talking about deregulation, lower / simpler taxation, privatization, less welfare -- these are exactly what Sweden did to improve its economy. And many other countries did the same thing. The answer to CT's economic troubles is more Capitalism.

[East of the River]

Originally Posted by Henry10

The point is -- from where you are economically -- how do you jolt up and get going? What reforms does CT need to do to grow?

"Free" college, "free" healthcare, $ 19 MW -- have nothing to do with it, and that's not what we are talking about.

We are talking about deregulation, lower / simpler taxation, privatization, less welfare -- these are exactly what Sweden did to improve its economy. And many other countries did the same thing. The answer to CT's economic troubles is more Capitalism.

I see the point Sweden is a poor example they were 100 times more socialist then us now their 90 times.
I can see your point but we have laid off a number of state employees restricted raises and cut department budgets. So the question now is we need details on where to cut spending or increase revenue. CT has over spent (or under saved depending on your point of view) for 50 years or more and kicked the can and still is to some degree.
So here would be my details:

Cut corporate tax rate to 7.5%we compete with other states and cutting this rate for all business makes more sense then giving out freebies one company at a time. 7.5% would put us closer to competing states.

Raise sales tax to 6.5 or 6.75% again we have old bills to pay this could be used for that, this rate would still leave us competitive with other states.

Possibly a small raise in gas tax.

Expand earned income tax credit to cover more single people and lower some welfare payments to working more. Also more in general, have better stages of assistance to encourage people to earn more. Example Allow people who are unemployed but could get a job but at much less then they used to make to keep some of their benefits for a period to encourage them to take any work rather then just looking.

Tax cuts for low income earners and small business with low income (sole proprietors) encourage them to earn more.

Tax incentives for small business. Instead of large company handouts give all the small and middle size companies in the state incentive to grow.

[NewJeffCT]

Originally Posted by hartford_renter

What article said we haven't paid into the pension fund for 50 years?

The point is Connecticut is circling the drain because of the Democratic agenda of high taxes and high spending is destroying the economy. Its why this thread has over 6 thousand replies. Get it??

We need to change direction. Do you disagree? With you ridiculous comparison to Mississippi I tend to label you a denier.

Stop denying the truth. Join the Republicans and vote for lower taxes and a massive cut to taxpayer spending on illegals and welfare types.

In the article Jay posted above, the state pensions were not funded at all from 1939 to 1971, a period of 32 years. That is nothing – zero – nil – nada. And, from the early 1970s through the late 1980s, it was never funded more than 40% of the required amount per year, on average. So, for nearly 50 years, it either got no funding or was dramatically underfunded.



Here is the article:

A legacy of debt: Connecticut standing on its own fiscal cliff | The CT Mirror

[ads94]

Originally Posted by NewJeffCT

In the article Jay posted above, the state pensions were not funded at all from 1939 to 1971, a period of 32 years. That is nothing – zero – nil – nada. And, from the early 1970s through the late 1980s, it was never funded more than 40% of the required amount per year, on average. So, for nearly 50 years, it either got no funding or was dramatically underfunded.



Here is the article:

A legacy of debt: Connecticut standing on its own fiscal cliff | The CT Mirror

I posted the article. That's where the confusion might have come from.

[RunD1987]

Originally Posted by Henry10

The point is -- from where you are economically -- how do you jolt up and get going? What reforms does CT need to do to grow?

"Free" college, "free" healthcare, $ 19 MW -- have nothing to do with it, and that's not what we are talking about.

We are talking about deregulation, lower / simpler taxation, privatization, less welfare -- these are exactly what Sweden did to improve its economy. And many other countries did the same thing. The answer to CT's economic troubles is more Capitalism.

Think CT can follow suit as it's neighbors. Tax paid college education for 2 year's at a public institution. Single-Payer health insurance via a pool of private insurances created by the State with max cost set by CT.

A connecting bike path from Rhode Island to New Haven. From New Haven to Hartford or Greenwich.

Improve public transportation. Provide safe alternative transportation options especially for late night worker's.

Do away with income tax.

[cynic1]

Originally Posted by NewJeffCT

Not really - Connecticut is much closer to Mississippi than it is to Sweden. College is free in Sweden. In Connecticut, UConn is $26,000 for in state students. The University of Mississippi is $24,000 for residents.


.

University of Mississippi's ( Ole Miss ) annual tuition for a resident full time student is $7,500. Must have confused the fact that there are 24,000 full time students currently enrolled.

[JayCT]

Originally Posted by cynic1

University of Mississippi's ( Ole Miss ) annual tuition for a resident full time student is $7,500. Must have confused the fact that there are 24,000 full time students currently enrolled.

That is just tuition. Add in fees, books, room and board and you get the costs NewJeff is quoting. Jay