Malloy’s decision to coddle the rich = State Budget Deficit - Wait, What?

Malloy’s decision to coddle the rich = State Budget Deficit - Wait, What?:

Malloy’s decision to coddle the rich = State Budget Deficit

by jonpelto

When Governor Malloy proposed his $1.5 billion tax increase last year, anyone making over $1 million dollars was spared any increase in the state income tax rate.

Concerned that the super-rich in Fairfield County might leave Connecticut – despite the fact that the income tax rate is higher in New York and New Jersey – and much higher in New York City – Malloy’s tax package only increased the income tax rate on people making LESS THAN $1 million.

In addition, he made it clear to the Democratic Legislature that he would not sign any tax package that included a higher rate on millionaires.

So while the Bush (and Obama) Tax Cuts give Connecticut’s super-rich an extra $156,000