Gouging the Rich With Higher Taxes is Not Working in Connecticut

rich with higher taxes

Gouging the Rich With Higher Taxes is Not Working in Connecticut

It’s no secret that our nation’s tax code is designed to get more from the rich than from the other working classes. Federal tax rates are higher for the wealthy, as are many states’ income tax laws. In fact, many states take direct aim at the wealthy to pay for the many fees and services in their government budget. However, that plan might not be working so well.

At least one state is taking note that gouging the rich is no longer a viable option to make up for its budget shortfall. Even though Connecticut has one of the highest per-capita incomes in the country, the state’s budget is still experiencing a nearly $400 million shortage.

The state’s governor, who already raised taxes on the rich in 2011 and 2015 to ease similar problems, admits that he can’t go back to that well again this time around. But some still think that the state should go after the wealthy a third time.

The commissioner of the Department of Revenue Services says that the idea that they can get another significant amount of money from that part of the population to help the state’s long-term stability is simply not correct.

As for the governor, he is asking for more concessions from public sector unions and is looking to cut even more state funding from towns and cities across the state

We hope you found this article about “Gouging the Rich With Higher Taxes is Not Working in Connecticut” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Jason Ma on Shaping Next-Gen Leaders

Jason Ma on Shaping Next-Gen Leaders

Jason Ma Discusses Shaping Next-Gen Leaders on Alan Olsen‘s The American Dreams Show Transcript of American Dreams interview titled; “Mentoring The Next Generation“ Transcript: Alan Olsen Welcome to American Dreams. My guest today is Jason Ma. Jason, welcome to today’s program.   Jason Ma Thank you so much for inviting. It’s an honor and pleasure…

Austin Fowler on The Power of Quantum Computing and Ethical Investing

Austin Fowler on The Power of Quantum Computing and Ethical Investing

Austin Fowler Discusses The Power of Quantum Computing and Social Investing on Alan Olsen‘s American Dreams Show., episode  Transcript of American Dreams interview titled; “Empowering Financial Growth and Social Impact with Austin Fowler“. Alan Olsen Hi, this is Alan Olsen and welcome to American communities. My guest today is Austin Fowler. Austin. Welcome to today’s…

Successful Entrepreneurs Share 9 Essential Qualities

Successful Entrepreneurs Share Unique Qualities In the dynamic landscape of business, entrepreneurship stands as a beacon of innovation and change. Behind every successful venture lies an individual with a unique blend of qualities that propel them toward success. Whether it’s a tech startup disrupting an industry or a small local business thriving in a competitive…

Tom Wheelwright Talks Tax Free Wealth

Tom Wheelwright Talks Tax Free Wealth

Tom Wheelwright sits down with Alan Olsen, Host of the American Dreams show to discuss tax free wealth. Transcript: Alan Olsen Welcome to America Dreams. My guest today is Tom wheelwright CPA, Tom, welcome to today’s show. Tom Wheelwright Thanks, Alan. It’s really always good to be with you. Alan Olsen I am really excited…