Saturday, March 30, 2019

Where Do Connecticut Taxpayers Get Their Money From To Pay Their Taxes?

In the current harsh one party rule of the Connecticut Democrat Party that we are seeing in this current legislative session I really wonder if they know where Connecticut Taxpayers get their money from to pay their taxes?
As simplistic as this question is I think the Connecticut Democrat Party needs to understand where Connecticut Taxpayers get their money from and why it is not unlimited in nature.  Legal Connecticut Taxpayers may either own their own business and or work for a company and earn income.  This income is taxed in many ways with Federal income taxes, social security and medicare taxes automatically being taken out each pay period.  Also here in Connecticut a state income tax is levied and automatically taken out each pay period.  The state income tax has increased dramatically since its inception in 1991.  New for this session is an additional family leave tax of .05% to pay for a supposed twelve weeks of your pay to take care of a defined family member.  If you never use this leave you will not got any money back for what you payed into it nor has it been explained how this figure was developed or how it is sustainable to fund the program.
Connecticut has state taxes besides the income tax that are numerous.  We have state sales taxes, state use taxes, state excise taxes, state fees, state business taxes, state business licensing fees, state fuel taxes, state unemployment compensation taxes and other miscellaneous state taxes and fees that are assessed for far ranging areas and entities.
On a local level Connecticut has one of the highest property taxes in the country with wide ranging mill rates from town to town, city to city.  Connecticut Taxpayers must pay a local property tax on their home or condo, their vehicles, boats, trailers and campers.
If one adds up all of these taxes and you are a middle income earning couple you and your spouse will probably being paying 40% to 50% of your income for federal, state and local taxes here in Connecticut.  With all of the new taxes and tolls that are going to be passed this session this will increase our tax burden upwards to 48% to 58% of your income for federal, state and local taxes.  This means that you get to keep only 42 to 52 cents of each dollar you earn here in Connecticut.
Therefore I ask again if the Connecticut Democrat Party knows where Connecticut Taxpayers get their money from to pay their taxes?  If taxes and tolls are going to raised upwards of $2.5 billion dollars where will Connecticut Taxpayers get this additional money from?  Obviously Connecticut's economy will contract even more than has in the past as Connecticut Taxpayers reduce their consumer spending, their driving to avoid tolls, lower and or eliminate their savings and investments due to these massive tax increases.  Connecticut businesses will be eliminating jobs due to the higher minimum wage, costs of higher transportation due to tolls and higher taxes.  This should help cement Connecticut's place in the country as having the highest tax rates, the highest costs of living, the highest costs of doing business and the longest recessions of any other state.  And I can  guarantee you that Connecticut will continue to have budget deficits in the future and the roads and bridges will not be fixed or repaired either.  And nothing will be done to address Connecticut's $100 billion dollars in short and long term debt along with unfunded liabilities.
Connecticut Taxpayers have little alternative other to try to work more hours at their jobs, try to find part time jobs to earn more income to pay for all these new taxes and tolls.  Connecticut businesses have little alternative other than to eliminate jobs, reduce wages and or move to a low tax state such as Florida, South Carolina or Tennessee.  When this occurs it will create a massive ripple effect of fewer jobs and much lower tax revenues for Connecticut thereby increasing Connecticut's $100 billion dollars in short and long term debt along with unfunded liabilities.  This economic fact is lost on the economic ignorance of the Connecticut Democrat Party.
We can conclude that Connecticut Taxpayers will no longer be able to afford to pay their taxes in both the short and long run.  
We can also conclude that Connecticut businesses will no longer be able to operate and earn a profit  along with trying to pay higher taxes in both the short and long run.
We can also conclude that Connecticut's economy will be in a massive recession in both the short and long run.  
We can also conclude that Connecticut Democrat Party could care less about Connecticut.





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