Gov. Rell has sent testimony to Washington, D.C. Her thoughts on the economy will be given to the U.S. House Committee on Appropriations.
In her testimony, Rell specifically points out that bonuses for top executives and for those working on Wall Street will likely drop dramatically, which will impact Connecticut. The state is home to many of those workers, and Rell notes that Connecticut relies heavily on that sector for income tax revenue. She adds that income tax revenues are already down significantly.
I wonder if Rell's mention of the state income tax in her testimony means something? Does the state income tax system need to be restructured? Will it be?
Maybe it's too soon to tell. In addition to the state income tax, Rell also mentioned several other aspects of the economy in her testimony. I guess we will find out more about Rell's vision for the future in her February budget address.
But as we wait, we do know that Rell recognizes one thing when it comes to Connecticut's economy.
"Connecticut’s projected budget deficits make one thing crystal clear: Connecticut’s government today is larger than our taxpayers’ ability to pay for it," Rell states in her testimony. "In Connecticut, we cannot afford to pretend otherwise."
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In my opinion, government on all levels--local, state, and federal--are too big. Clearly, there is not enough money to support it all. I anticipate cuts on all levels.
I wonder how Democrats -- the group in charge -- will deal with having to make significant cuts. Historically, they've always wanted to spend. Should be interesting to see how it all works out this year.
SPEND, SPEND, SPEND...! THAT'S ALL WE DO. WHY DO WE THINK SOCIALIZED SPENDING IS THE ANSWER? bONDING, CREDIT, ETC. IS ONLY THE LAZY WAY TO OBTAIN MORE, WHICH IS A FAIRY TALE ECONOMY! IF YOU DON'T HAVE IT YOU CAN'T SPEND IT. DO LIKE THE AVERAGE PERSON DOES. GO WITHOUT! We never had an income tax until Weicher got it past the citizens I call it socialism. There is no other word for it except maybe stupid!
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