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

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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.

 

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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…

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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.

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