{"id":417655,"date":"2011-05-04T23:07:55","date_gmt":"2011-05-04T23:07:55","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/tax-hikes-on-the-way-for-connecticut-residents\/"},"modified":"2011-05-04T23:07:55","modified_gmt":"2011-05-04T23:07:55","slug":"tax-hikes-on-the-way-for-connecticut-residents","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/tax-hikes-on-the-way-for-connecticut-residents\/","title":{"rendered":"Tax hikes on the way for Connecticut residents"},"content":{"rendered":"
\n

\"malloy,Gov. Dannel Malloy signed a budget bill Wednesday that will raise taxes on many Connecticut residents.<\/strong><\/span> By Tami Luhby, senior writer<\/span>May 4, 2011: 7:06 PM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — Connecticut residents: Get ready to pay more taxes!<\/p>\n

Governor Dannel Malloy on Wednesday signed a $40.1 billion budget that raises taxes on sales, income, cigarettes and corporations.<\/p>\n

The two-year plan, which also cuts spending, depends on state employees agreeing to $2 billion in concessions between now and 2013. The governor said he could send out more than 4,000 layoff notices to the state’s roughly 50,000 workers soon if a deal isn’t reached.<\/p>\n

Unlike many of his peers, Malloy chose to increase taxes, rather than dramatically cut spending to close his state’s $3.3 billion budget shortfall. Only a handful of governors are proposing tax hikes this year.<\/p>\n

Under the budget, the state sales tax will rise to 6.35% from 6%, while cigarette taxes climb to $3.40, from $3 in the new fiscal year, which starts July 1. Larger corporations will see a 20% income surcharge, replacing a current 10% surcharge.<\/p>\n

Residents earning more than $100,000 will pay higher income taxes due to a hike in marginal rates, while those buying pricey cars, boats, jewelry and clothing will pay a 7% luxury goods tax. The state will also extract a tax on estates and gifts greater than $2 million, as opposed to the current $3.5 million threshold.<\/p>\n

Like to hear live music in a bar? Be prepared to pay a 3% cabaret tax. Get caught speeding? You’ll fork over a $15 fee, up from $10, on top of the fine.<\/p>\n

Residents will pay sales taxes on more services, such as pet grooming, spa treatments and yoga. Clothing and footwear under $50 will be subject to tax too.<\/p>\n

The news isn’t all bad, however. A 3-cent hike in the gas tax was dropped. And the budget increases the amount of business tax credits available for job creation to $20 million, up from $11 million. It also creates a state earned income tax credit for low-wage workers.\u00a0\"To<\/a><\/p>\n<\/div>\n

View original post here:
\nTax hikes on the way for Connecticut residents<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gov. Dannel Malloy signed a budget bill Wednesday that will raise taxes on many Connecticut residents. By Tami Luhby, senior writer May 4, 2011: 7:06 PM ET NEW YORK (CNNMoney) — Connecticut residents: Get ready to pay more taxes! 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