Bolinsky: State Budget Update
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Last week, the House Republicans proposed a balanced state budget, the Blueprint for Prosperity.
- The plan restores many of Governor Malloy’s cuts to social services, the developmentally and intellectually disabled, veterans, our local libraries, seniors, state hospitals and our not-for-profit providers
- The Blueprint contains reforms to save hundreds of millions of dollars in wasteful government spending
- The Blueprint for Prosperity includes no new tax increases, and stays within the state spending cap
Unfortunately, the Democratic majority ignored our plan and this week the Appropriations and the Finance committees decided to pass a budget and revenue plan which will lead us off a fiscal cliff.
- Their plan breaks through and shatters the constitutional state spending cap
- State spending increases +8% over the two-year budget
- Raises taxes on just about every Connecticut resident at every economic level
- The tax plan raises personal income tax to 6.99 percent for single filers and a new 2 percent supplemental tax would be created on all capital gains income for single filers earning $500,000 and joint filers earning $1 million
- Repeals the tax exemption for clothing and footwear and reduces the per-item exemption for the Sales Tax Holiday from $300 to $100
Although the sales tax would be lowered from 6.35% to 5.85% the tax would now apply to additional services, including engineering, veterinary, dry cleaning and laundry, golf courses, building inspection and accounting.
For a list of new services that will be subject to tax click on the red ‘Read More’ button.
We still have time to stop this plan!
Please contact my office at 1.800.842.1423 or email at Mitch.Bolinsky@housegop.ct.gov to voice your concerns.