Add Connecticut to the list of states with major budget issues -- a club with a growing membership lately. Instead of just taxing the rich to help make ends meet, Governor M. Jodi Rell has decided to split hairs and t
ax the living rich while providing tax breaks to the rich who have passed on. Her budget plan includes a proposal to increase the personal income tax rate from 5% to 6.5% for those earning $500,000 or more per year and for joint filers earning $1 million or more. On the flip-side this plan would eliminate the inheritance tax which is rather appealing to those with ample funds to pass onto their heirs. This applies to estates worth $2 million or more. The Legislature will be bickering over the details -- what is your take on it?
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Reader Comments (Page 1 of 1)
Goto98 Sep 10th 2009 7:44AM
Very interesting approach the Governor is taking.
I offer my ignorance of Connecticut affairs as my disclaimer to begin, but that having been said….
I believe her assumption is that the proposed hikes on the living as well as future millionaires moving to the state would more than compensate for the elimination of the inheritance tax.
It’s a bold approach that I am sure many will mistakenly claim as right wing, being that the goal is to encourage the wealthy to pay more in taxes. I believe they would gladly make the trade, bravo on a unique approach.
emschwend73 Sep 10th 2009 8:44AM
I think this is great. It is ludicrous that people who have worked (or otherwise) and built their wealth get it taxed when they pass away! There is protection against double jeopardy for criminals, but you can get taxed on the same income many times over.
The riddler Sep 13th 2009 6:47PM
America is built on the idea that hard work pays off. This bill should be the other way around. Increase the inheritance tax. Why? Those who have not worked hard do no deserve an extravagant lifestyle by those who did work hard.