State Rep. John Piscopo (R-Thomaston) today voted against the largest tax hike in state history, contending another huge Democratic spending spree will only hinder an economic recovery.
Taxpayers and families are struggling to make ends meet, and trimming their budgets to stay afloat. It is incumbent for the state government to do the same to bring relief to working families in our state. You simply can not convince me at this point that there is no room to streamline government to reduce spending. This budget sends us down the wrong path
The Democratic plan relies on billions of “one shot’’ revenues such as the $1.4 billion Rainy Day Fund, $3 billion in federal stimulus money and “securitization’’ of $835 million in unspecified state assets that have to be replaced within two to three years. The state will have to raise taxes on more taxpayers, to cover a projected $5 billion hole.
Other “highlights” of the Democrat plan include:
• 15% increase in surcharge on corporate profits to 8.625%
• Increase Preference Tax by $650K
• Reduces the Film Tax Credit in the out year, one of the only things our government has done in the past few years that actually brings $$$ into the state and creates jobs
• A 30% surcharge on estates and gifts (on TOP of the current death tax)
• Increases tax on tobacco products
• Hike the personal income tax on joint filers making $500K or more.
Legislative Republicans have twice proposed No Tax Increase budgets that are balanced and spend nearly $1 billion less than the Democrats’ latest version. Rep. Piscopo said he believes it is still possible to craft a budget with more cuts, and without raising taxes.
State Rep. John Piscopo represents Burlington, Harwinton, Litchfield and Thomaston in the General Assembly.