[CTartist]

Originally Posted by Mr_250

Couldn't agree more. Check out the "laffer curve." Unfortunately we are on the downslope of that.

Sorry but I am going to go a little off topic. I have been thinking about the "hollowing out" and collapsing middle class. But I am thinking this is being done for a reason by some in the middle class. It seems the poor get so much help (via taxation) and the wealthy hide their money so the middle class shoulders the burden. Maybe the middle class are making themselves "poor" by showing little income or putting it in trusts for children etc.

I was thinking this is happening in CT now because of all the taxation. Is my thinking kind of like the laffer curve?

[HeadedWest]

Originally Posted by CTartist

Sorry but I am going to go a little off topic. I have been thinking about the "hollowing out" and collapsing middle class. But I am thinking this is being done for a reason by some in the middle class. It seems the poor get so much help (via taxation) and the wealthy hide their money so the middle class shoulders the burden. Maybe the middle class are making themselves "poor" by showing little income or putting it in trusts for children etc.

I was thinking this is happening in CT now because of all the taxation. Is my thinking kind of like the laffer curve?

If all your income is salary it's hard to get clever about taxation.

[Henry10]

Originally Posted by RunD1987

For things to get better taxes are going to have to go up.

You are joking, right?

Originally Posted by RunD1987

However, they should lower taxes for those making less than $40,000, slightly raise the taxes for those making $40,000 to $200,000 by 1.5%. Those from $200,000 and up by 3.5%.

Read below...

Originally Posted by CTartist

"Income tax revenue collapses; Malloy says taxing the rich doesn’t work"

Income tax revenue collapses; Malloy says taxing the rich doesn’t work | WTNH Connecticut News

I have a sick feeling in my stomach over the state of our state. You know when one of the most liberal Democrats says "taxing the rich doesn't work" we are all in big trouble in CT.

Originally Posted by CTartist

.... It's worse than I thought.

Hartford killed the geese that were laying the golden eggs.

Some of us have been saying this for a long time in this 700-plus pages thread. Well here we are. And here is another prediction -- things will get worse financially for the state. Except for some well-informed people -- some on this board -- population at large thinks that nothing is wrong because they can still go to the movies, and most don't have the stomach for what needs to be done.

[RunD1987]

Originally Posted by Henry10

You are joking, right?




Read below...






Some of us have been saying this for a long time in this 700-plus pages thread. Well here we are. And here is another prediction -- things will get worse financially for the state. Except for some well-informed people -- some on this board -- population at large thinks that nothing is wrong because they can still go to the movies, and most don't have the stomach for what needs to be done.

The State is going to have to tighten the budget and spending. Attract businesses. Eliminate the Business Entity Tax. A 5% business tax for small bussineses, 100 or less employees. 8% business tax for companies with 101 or more employees. Think outside of the box policies to generate revenue such as legalizing marijuana. Attract more people to the State. Work towards lowering taxes for all in 5 year's. For the interim lower taxes for those making $10,000 to $50,000 or less to 4%. 2% for those below $2,000 . Slightly raise income taxes by .5% So 5.5% becomes 6% for those making $50,000 or more. Taxable income is after you make $20,000 in a year. Lower sales tax to attract people to buy in the State. Implement a used tax on any out of State purchases that are $5,000 Or more.

[Matrix2791]

Originally Posted by Mr_250

Couldn't agree more. Check out the "laffer curve." Unfortunately we are on the downslope of that. This year deficit is $393m which eats away all of plus some of the rainy day fund. Cutting that much in 2 months is almost impossible. We will see borrowing to cover cost which is horrible.

Thinking that the leadership is really struggling with what to do. Any income tax or fee increase would really do harm. They are trending a fine line here.

Next up property taxes which will go up.

Detroit here we come!!!! I think it's inevitable at this point. The numbers just don't lie!

[papafox]

https://www.forbes.com/sites/rexsinq.../#46a09d86319e

[HumpDay]

The state is way too out of touch when it comes to ordinary people. We all don't live in Fairfield County making over 6 figures!

[RunD1987]

Originally Posted by papafox

https://www.forbes.com/sites/rexsinq.../#46a09d86319e

A better solution to Connecticut’s fiscal woes is for state leaders to determine the best tax structure that will encourage employment growth and attract new businesses, rather than penalizing the state’s most productive industries. Phasing out the state income tax in favor of broadening sales taxes has been a proven stimulus package.
This!

[GeoffD]

Originally Posted by papafox

https://www.forbes.com/sites/rexsinq.../#46a09d86319e

That article is two years old.

[GeoffD]

Originally Posted by East of the River

Not going to happen. The state promised the payouts but not to fund it. Which makes it look like the state was in the wrong rather then the workers. My guess is you could eventually change that but you would likely have to default on other debt first and ruin the states credit rating.

In general courts uphold pension debt above other debt, so again doubtful even if you did shut down the state to make it happen you would see cuts more then a few percent.

Renegotiation in possible out side of court but existing workers that are vested have little incentive to offer more than a few token reductions.

Yep. There's a 25+ year lag in pension reform. Other blue states took this on decades ago.

There's pretty much nothing you can do. You can't even tax state pensions extra because those people can simply move out of state and avoid the tax. California tried taxing non-resident pensioners a few years ago and lost in Federal court.