CT Democrats on mission to collect more taxes

As part of the budget talks underway in Hartford, Democrat lawmakers are trying to raise more revenue by increasing taxes. They are pushing for a 1.75% surcharge on the capital gains of the wealthy. That is above and beyond the almost 7% rate on capital gains that exists now.

According to Democrat Speaker of the House, Matt Ritter, his caucus has enough votes to enact this. "Why not tax the wealthy a little more, he says, it's only "Soft Income", right?" Did he make this up? There is no definition of soft income in the IRS code.

By their definition, wealthy is defined as singles earning at least $1 million and married couples earning at least $2 million. The proposal includes a one-time exception for homes and business sales. The tax would sunset in 2029.

Between the Lines: Connecticut is already one of the highest taxed states in the country. The tax on the would drive the wealthiest to relocate to other states and send the message that Connecticut was business unfriendly. We can only hope that Governor Lamont will stop this insanity being put forward by the socialist majority in the CT legislature.

Story here