Well, it was inevitable considering a $3 billion deficit. Good news, no sales tax to visit OIB! From the CT Mirror:
Gov. Dannel P. Malloy intends to propose one of the largest tax increases in state history Wednesday, seeking $1.5 billion in new annual revenue from income tax hikes on the wealthy and middle classes, and new sales taxes on clothing and other long-exempt products and services.
In a plan outlined Monday to The Mirror by his senior staff, Malloy also would extend the corporate tax surcharge for another two years and restrict tax credits for the motion picture industry, while modestly increasing incentives for research and development.
The sales tax rate would increase for the first time in 20 years, from 6 percent to 6.25 percent, and it would be applied to now-exempt items such as pet grooming, hair cuts, car washes, boat services, non-prescription drugs and cosmetic surgery. Taxes also would rise on tobacco, alcohol and luxury goods.
Legal, accounting, consulting and other professional services would remain exempt.
Full story: www.ctmirror.org/story/11505/malloy
*** Should come as no surprise to anyone who voted for Malloy, no? Cuts & taxes are on the state’s budget menu with most taxpayers ending up with only soup & salad for supper! Everyone must share in the pain of spending more money than is coming in. Got to go under before you get over! *** HERE WE GO! ***
It’ll hurt badly. If it gets us to a balanced budget over a 3-year period, then CT will return to an attractive place to live and do commerce.
Malloy has balls. Let’s see if he has brains as well.