[kidyankee764]

Originally Posted by SAE72

The Federal Tax issue is a case by case basis. Many may have had too little withheld, others too much . Once again it is about proper preparation , planning and positioning. Doubling the standard deduction for singles and married couples in most cases helped renters and those on a fixed income. Most may have forgotten the increase in eake home pay.

Exactly.

[beerbeer]

"We will craft an honestly balanced budget"



Translation:


I'm a Democrat here come the taxes.

[Stylo]

Originally Posted by beerbeer

"We will craft an honestly balanced budget"



Translation:


I'm a Democrat here come the taxes.

He is promising some spending/borrowing cuts too. Let’s not jump to conclusions until we see what happens.

[kidyankee764]

Originally Posted by Stylo

He is promising some spending/borrowing cuts too. Let’s not jump to conclusions until we see what happens.

I have some hope but, given he’s already announced the possibility of new taxes, I’d be lying if I said I wasn’t weary of his intentions.

[Lincolnian]

Originally Posted by Stylo

He is promising some spending/borrowing cuts too. Let’s not jump to conclusions until we see what happens.

I agree. We need to see the budget proposals. Lamont has a challenging task. Cutting borrowing is a step in the right direction. The key is an incremental reduction over a period of time. Massachusetts did that with their income tax reduction. Changes in their pensions along with property tax caps worked to slowly reduce spendings at both state and municipal levels. We cannot get out of this budgetary mess overnight. It needs a longterm strategic plan. Some taxes will most likely have to be changed/increased to accomplish some of the goals such improving transportation infrastructure.

As a former teacher, I can attest that changes need to be made to the current pension plan. The plan does not work well for younger teachers who most likely will change jobs/careers several times in during their working years. It also doesn't work well for people who entered teaching later in life from the private sector. The Social Security penalty, along with reduction in SS contributions, will significantly hurt these people when they reach retirement age. Our state elected officials need to work with our federal representatives to implement changes to Social Security's Windfall Elimination Provision as well as allow non vested teachers to start paying into Social Security. This would make changes to the current teachers pension plan more palatable.

[BugsyPal]

Originally Posted by SAE72

The Federal Tax issue is a case by case basis. Many may have had too little withheld, others too much . Once again it is about proper preparation , planning and positioning. Doubling the standard deduction for singles and married couples in most cases helped renters and those on a fixed income. Most may have forgotten the increase in take home pay.

Exactly! Also "Thank YOU!"


No small number of persons likely did not heed advice given not long after tax "reform" passed; check and if necessary make changes to withholding deductions. As such many are now being hit with either reduced sums returned, or find they owe.


Have never understood the idiocy of getting huge tax refunds because of under withholding. Used to point out that people were essentially giving federal government interest free loans of their money; but now no longer bother. People just like seeing that huge check once a year and pretending it is some sort of windfall.

[Stepfordct]

Meet the new boss, same as the old boss

Lamont will add a .5% payroll Fmla tax on everyone. Taxing services and net purchases is a new tax too. So he already broke his promise. Hell he never intended to keep it.
That .5 tax is not nearly enough to cover the true costs. So like all other taxes, get ready for more.

[SAE72]

Originally Posted by BugsyPal

Exactly! Also "Thank YOU!"


No small number of persons likely did not heed advice given not long after tax "reform" passed; check and if necessary make changes to withholding deductions. As such many are now being hit with either reduced sums returned, or find they owe.


Have never understood the idiocy of getting huge tax refunds because of under withholding. Used to point out that people were essentially giving federal government interest free loans of their money; but now no longer bother. People just like seeing that huge check once a year and pretending it is some sort of windfall.

Yes, only look at the Refund aspect but the big picture should include comparing the actual Federal income taxes paid before the tax changes , and after. Across the spectrum, if the income remained the same, despite what the media may say, the vast majority of Americans should expect a reduction in actual taxes paid. What could be of tremendous benefit is if income is close to the threshold of the next bracket, strategies should be considered to stay in the lower bracket.

[LMPA]

https://ctmirror.org/2019/02/16/lamo...rs-and-trucks/

[SAE72]

You can’t trust the Democrats. Adding tolls, which is a new tax, is just the beginning. There is action in the Legislature to restructure the present Motor Vehicle Tax. Instead of each individual city or town collecting the tax according to their mill rate, there would be a State Government set mill rate for vehicles. They would then collect all the taxes and distribute the proceeds to the cities and towns. The winners would be the cities and towns and their residents with presently high mill rates. Those resident”s tax bill would likely decrease .The losers would be cities and towns with low mill rates. Their tax bills would likely increase .They would be potentially “ double losers” , as they may have to raise the local tax rate to make up the loss of the revenue they were collecting. The amount the State gives them may end up less than presently collected. Another example of Social Justice. A restructuring and redistribution of a present tax potentially favoring specific groups .