The state’s Democrats are suggesting bigger taxes on couples who make more than a $250,000 a year, borrowing hundreds of millions of dollars and imposing a surcharge on corporations.
Democrats, who control the General Assembly, unveiled their budget plan Thursday.
We could know whether this plan has the chance to see the light of day by Thursday afternoon, when the two committees that handle the budget, or lack of money for the budget, are expected to approve the proposed tax and spending plans.
They also were expected to whether to authorize the state treasurer to borrow up to $500 million.
"Tough times require tough choices," said Rep. Cameron Staples, D-New Haven, co-chairman of the Finance Revenue and Bonding Committee.
Democrats said their budget proposal spends about $164 million less over the next two years than Rell's $38.4 billion plan.
The Republicans are not standing next to the Dems and singing a budget victory song.
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Rell aides and some minority Republicans have already criticized the Democrats' plan for increasing taxes. Rell has said she wants to close the state's looming budget gap without raising taxes on residents who are struggling during a recession.
Senate Majority Leader Sen. John McKinney and House Republican Leader Lawrence F. Cafero Jr. said this sends the message to residents that the state will tax them from birth to death – that Connecticut will tax your income and your purchases, and even tax you when you die.
Democrats called their plan "an honest budget" because it covers the full deficit projected for the next two budget years -- $8.7 billion according to the legislature's nonpartisan Office of Fiscal Analysis.
The Democrats would also replenishes funds for some commissions Rell had cut in her budget, including the Permanent Commission on the Status of Women. It also includes funding for three state watchdog agencies -- the Offices of Child Advocate, Health Care Advocate and the Consumer Counsel.
What would the Democrat’s budget mean for you?
Joint tax filers earning less than $250,000 will still pay the 5 percent rate on adjusted gross income.
Couples earning $250,000 or more will pay 6 percent.
Couples earning $500,000 or more will pay 7 percent.
And if you happen to be in the lucky category of couples earning $1 million or more, you will pay 7.95 percent.
