A recent Cablevision Editorial generally supported Gov. Malloy’s state budget proposal. It said the governor had inherited a terrible financial mess, but had moved boldly and deserved credit for balancing his budget honestly.
I’m Roy Abramowitz, a Certified Public Accountant and Treasurer of the New Canaan Republican Town Committee. I strongly disagree with Cablevision’s opinion.
The governor, a Democrat, inherited that current budget mess from his fellow Democrats, who have held a majority in Hartford for 30 out of the last 34 years. During that time, the state’s effective tax rate has risen to 12.1 percent, which is equal to the average federal tax rate.
Our state is ranked as one of the worst to conduct business in. A big part of the problem is out-of-control unfunded public sector benefits and entitlements. They’re consuming the state budget and placing an unfair increasing burden on the state’s taxpayers.
Gov. Malloy’s answer is to impose $3.7 million in new taxes across 25 categories including an increase in gasoline taxes, new sales taxes on essential services, clothing, automobiles and more.
Worse, he has proposed a new entitlement–an (un)earned income tax credit, which could cost up to $170 million to administer.
These proposals are not prudent or pro-growth nor will they result in job development. Big government has never been the answer.