[Henry10]

Although we keep talking about the large corporations, we should not lose focus that small businesses (less than 500 employees) provide half of private sector jobs.

http://www.ct.gov/ecd/lib/ecd/sba-_c...files/ct12.pdf


And since many businesses file taxes under personal income tax (S corporations, Partnerships) these pay higher rates, and probably more than large corporations, rate-wise.

[Mr_250]

How does everyone feel about the budget that just passed? Legislators vote to roll back a share of CT business tax hikes | The CT Mirror.

Me, middle class working stiffs, got raked over the coals. I could care less about the corporate taxes, I'm being selfish and thinking about me first. The $50 shoe and clothing tax stinks while not a lot of money it's still hurts the lower and middle class, the $300 property tax credit being taken away stinks. Also the DOT laws SEC. 161 & 162 hurt my business as it relates to State contracts. The [car] property tax relief helps the towns and cities with a higher mill rate, but in some cases is off set by the deduction in property tax credit so it's a wash.

On the corporate side, income rate went up and as Henry10 pointed out, [some] small business owners claim fall into that category and now have to pay more income tax. Corporate surcharge is still 20%, Unitary tax is delayed 6 months but still coming. The good news is that the WWW tax is remaining at 1%. Does anyone know if the Unitary tax is for only corporations headquartered in CT or do corporations with an office in Connecticut fall under that new law. For example, my company is based out of Colorado, we do some of work in CT, but a lot of our work is down south. Do we now how to report all that revenue to CT even though we aren't HQ here?

[mlassoff]

Originally Posted by BobNJ1960

Startups, as much as you glorify them, are not what make or break an economy. They have been discussed as a means to avoid talking about the major corps, already employing thousand, so at odds with Ct excess taxation issues, they have gone public with their thought processes concerning where it might lead them.

This does noes mean startups are bad, but established large corps are what pays the huge chunk of the tax bills, enabling a state to foster startups who are paying little of the state's bills. (AETNA, for example, pays $65 million in Ct taxes annually)

I'm a realist on startups-- There's upside and down side.

However, again, small percentage of startups will eventually employ thousands. Get enough startup density and you'll grow jobs and the economy.

It's not the startups themselves-- It's what 0.025% of them become.

How do you think Austin, Silicon Valley and Boulder happened? It wasn't large companies moving in-- It was growth of startups.

Large corps moving in and out to save 4% on their taxes is short term thinking and will always be a race for the bottom. Growing our own corps here is a wiser long term strategy.

[ctguy87]

Originally Posted by Mr_250

How does everyone feel about the budget that just passed? Legislators vote to roll back a share of CT business tax hikes | The CT Mirror.

Me, middle class working stiffs, got raked over the coals. I could care less about the corporate taxes, I'm being selfish and thinking about me first. The $50 shoe and clothing tax stinks while not a lot of money it's still hurts the lower and middle class, the $300 property tax credit being taken away stinks. Also the DOT laws SEC. 161 & 162 hurt my business as it relates to State contracts. The [car] property tax relief helps the towns and cities with a higher mill rate, but in some cases is off set by the deduction in property tax credit so it's a wash.

On the corporate side, income rate went up and as Henry10 pointed out, [some] small business owners claim fall into that category and now have to pay more income tax. Corporate surcharge is still 20%, Unitary tax is delayed 6 months but still coming. The good news is that the WWW tax is remaining at 1%. Does anyone know if the Unitary tax is for only corporations headquartered in CT or do corporations with an office in Connecticut fall under that new law. For example, my company is based out of Colorado, we do some of work in CT, but a lot of our work is down south. Do we now how to report all that revenue to CT even though we aren't HQ here?

We just keep plugging the holes in the ship. The situation will be even worse in 2 years for the next budget - who knows what kind of increases will be proposed then.

[Mr_250]

Originally Posted by ctguy87

We just keep plugging the holes in the ship. The situation will be even worse in 2 years for the next budget - who knows what kind of increases will be proposed then.

We will see large(r) increases in 2018 IF CT economy doesn't improve. This years we have a deficit and despite an increase in some 25k jobs, personal income tax receipts came in $65m below projections which means we are losing high paying jobs and replacing them with low paying jobs. That path is not sustainable. AND IF any of these items such as health care consolidation, GE or major employer leaving or Sikorsky getting sold and moved out of state, we can almost guarantee to see some type of personal income tax increase OR taxes they tried for this year (3% on data).

I don't think we will see ANY backlash from this. GE won't move, Aetna won't move, Stanley won't move. It was all a show and in two years we'll be having the same conversation.

[ericvon.zipper]

As someone who ran a private equity firm (Now I run just my money) who still goes on financial radio (guest) I go to more then a few events with the CFO's of many of the largest employers in both New York and our state. No press, no pictures just closed doors and straight talk as it relates to their growth as a company. If the state doesn't "pay off" the company with tax credits ( our money) there moving...even with the tax credits they can't afford to do business in CT....and the crazy part, the people keep voting for the same party over and over again that got us in this mess. Like tolls, Who's that going to hurt (Not me) the person making 300k a year or the small business owner that writes them off....or the 40k a year hard work guy/girls?....then on election day they screaming "Yes! lets sock it to the rich...I'm voting xxxx, the same person/party that got this state into this mess. Go figure. Enjoy the 4th

[JayCT]

Yikes and people think Connecticut is in bad shape. Christie has been Governor of New Jersey for over 5 years. He has cut spending and it still hasn't helped. Jay

Chris Christie's problem: New Jersey's economy isn't doing well - Jun. 30, 2015

[MikefromCT]

Originally Posted by Mr_250

How does everyone feel about the budget that just passed? Legislators vote to roll back a share of CT business tax hikes | The CT Mirror.

Me, middle class working stiffs, got raked over the coals. I could care less about the corporate taxes, I'm being selfish and thinking about me first. The $50 shoe and clothing tax stinks while not a lot of money it's still hurts the lower and middle class, the $300 property tax credit being taken away stinks. Also the DOT laws SEC. 161 & 162 hurt my business as it relates to State contracts. The [car] property tax relief helps the towns and cities with a higher mill rate, but in some cases is off set by the deduction in property tax credit so it's a wash.

So we're doing away with tax-free week, I take it? Huh, that's good to know. Looks like I'll continue doing all my clothes shopping in Mass now since there's no sales tax on clothes at all there, the way it should be here. The less $ of mine I give to this state, the happier I am.

And I don't care about Jersey and their financial problems. I don't live there. I'm tired of people trying to downplay the severity of what's happening here by pointing fingers at what's happening elsewhere. Yes, New Jersey's credit got downgraded since Christie took office. Yes, they still have the highest property taxes in the country (CT is 2nd-highest). Yes, they had higher unemployment rates than us up until rcently (peaking at 9.8% in 2012, highest since 1977). Well, sorry to hear that, but what about us? When this state has the power to lure other businesses from other states, the way IN, TX, FL and NY have been trying to do with us, maybe then we'll be able to rest on our laurels. Until then, no.

I'm sure 2 years from now there will be yet another round of tax hikes that will be proposed. If they're enacted, it'll just be a matter of time before that revenue is pissed away, too. As much as I like this state, I can't defend it anymore.

[Mr_250]

Originally Posted by MikefromCT

So we're doing away with tax-free week, I take it? Huh, that's good to know. Looks like I'll continue doing all my clothes shopping in Mass now since there's no sales tax on clothes at all there, the way it should be here. The less $ of mine I give to this state, the happier I am.

"Tax free" week used to be anything $300 and under, no tax. This budget drops that $100. So yes, basically gone. Funny thing, isn't that when most middle class people go school shopping for new clothes? Hmm, not hurting the middle class huh. That right there is a direct hit! This legislature is totally dishonest and Malloy is the ring leader.

I am with you in that. The state has taken as $300 away from me so in response when I need to buy something above $300 I will plan to buy it when I know I'm out of state. Lucky I work in Mass a lot.

[BobNJ1960]

Originally Posted by Mr_250

How does everyone feel about the budget that just passed? Legislators vote to roll back a share of CT business tax hikes | The CT Mirror.

Me, middle class working stiffs, got raked over the coals. I could care less about the corporate taxes, I'm being selfish and thinking about me first. The $50 shoe and clothing tax stinks while not a lot of money it's still hurts the lower and middle class, the $300 property tax credit being taken away stinks. Also the DOT laws SEC. 161 & 162 hurt my business as it relates to State contracts. The [car] property tax relief helps the towns and cities with a higher mill rate, but in some cases is off set by the deduction in property tax credit so it's a wash.

On the corporate side, income rate went up and as Henry10 pointed out, [some] small business owners claim fall into that category and now have to pay more income tax. Corporate surcharge is still 20%, Unitary tax is delayed 6 months but still coming. The good news is that the WWW tax is remaining at 1%. Does anyone know if the Unitary tax is for only corporations headquartered in CT or do corporations with an office in Connecticut fall under that new law. For example, my company is based out of Colorado, we do some of work in CT, but a lot of our work is down south. Do we now how to report all that revenue to CT even though we aren't HQ here?

Unitary tax delay is not going to change GE's mind on that subject. Idiotic.