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“No New Taxes”

by Jon Pelto from Wait, What

A 365 million deficit this year, $1.1 billion shortfall next year…

Last year, Governor Malloy raised income taxes only on those making less than $1 million. He left the wealthy completely untouched when it came having to pay higher income rates. Last week he reiterated his commitment to no new taxes.

So when it comes to equity, where do we really stand?

In Connecticut, since the mid-1990s (adjusted for inflation);

Income for the wealthiest 20 percent has INCREASED by 17.2%

Income for the middle 20 percent has INCREASED by 2.5%

Income for the poorest 20% has DECREASED by 9.8%

And note that this is post-federal tax income and does include the value of the Earned Income Tax credit, the value of food stamps and any housing subsidies.

Meanwhile, the richest 5 percent of Connecticut households now have incomes 5 times larger than the middle 20 percent and 14 times larger than the poorest 20 percent.