Are we winning yet? A 365 million deficit this year, $1.1 billion shortfall next year…

Nov 18

jonpeltoMalloy, State Budget, Taxes , , 3 Comments

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.

More to come about a new report on income inequality from the national, non-partisan, Center on Budget and Policy Priorities and the Economic Policy Institute.

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  • LaurieLima

    We do like those on top to be “comfortable” then they may let us stand real close to them in case the money “falls out of their pockets” in our direction…oh my ears are bleeding!

  • Lisa DeLeeuw

    I think it’s safe to say that thus far Malloy has been an abject failure. Can he resurrect himself in time for the 2014 election? Sure. He’s going to have to have one heck of a good 2013 to do that though. I wonder what he has up his sleeve. I can’t wait to see his next budget proposal.

  • http://www.facebook.com/people/Tommy-Burns/712565941 Tommy Burns

    Jon if he doesnt tax the rich and doesnt support public education to the hilt and reject the privatizers then he will serve one term and have to get a real job–but if he has a progressive tax sheme and supports public education and rejects the phony privatizers–then he has my support and therefore the inner city support which he rode to victory last time—I really hope he sees this post–for if he takes the same tack he took concerning education in his last term—-it will be my mission to defeat him —I hope he sees what we are doing in New Haven concerning Education and follows our lead—no more charters until they prove themselves over time—so far so good–and now is the time to invest in public education–ALL childrens education–not just the fad (phony) of the day–I am counting on Mr. Malloy to do the right thing—Tom