Rep. Piscopo Opposes Massive Tax Hike with $1.9 Billion in New Taxes
Posted on April 26, 2021
On Thursday, April 22, 2021, State Representative John Piscopo (R-76) voted against a revenue package that increases taxes by $1.9 billion dollars over the next two years. Ultimately, the measure passed out of the Finance, Revenue and Bonding Committee with all Democrats voting in favor of the legislation and all Republicans opposing the measure.
“I hope that we can engage in open and transparent dialogue about state spending and revenue,” said Rep. Piscopo. “Increasing taxes by any amount, especially during a time when people and businesses are hurting is simply bad policy.”
Rep. Piscopo expressed his disappointment that the revenue package passed includes anti-business policies such as the corporate tax surcharge that has been in place since the early 2000’s as well as the capital gains tax – both of which are detrimental to attracting businesses to the state.
“The state of Connecticut received historic levels of federal funding to combat the devastating effects of the COVID-19 pandemic, and yet Democrats are still asking residents to pay more and making it even harder for businesses to survive,” Piscopo added.
The tax plan includes the following taxes:
A mileage tax on trucks
Cancels property tax relief
Cancels tax relief for job creators
Makes permanent the 10 percent corporate tax surcharge
New $500 million annual consumption tax, increasing the sales tax rate on higher income residents
Imposes a convenience fee for credit/debit card use
New taxes pertaining to gaming
New social media advertising tax
New two percent surcharge on capital gains
New taxes related to cannabis legalization
Rep. Piscopo, a member of the legislature’s Finance, Revenue and Bonding Committee expressed his concerns during a committee meeting on April 22,2021.