Connecticut is approaching a projected $365-million deficit this fiscal year, and staring at a $1.1-billion shortfall next year. Governor Dannel P. Malloy and the Democrat dominated legislature seem to be at a loss (no pun intended) as to how to stop our state budget from bleeding red ink.
Folks, what we need is nice big tax increase. No, the conservative capitalist isn't talking about adding to the $1.5 billion wallop that Malloy has already socked us with.
I'm talking about the only kind of tax increase that will really improve the fiscal health of our anemic economy.
It is time to increase the amount of taxes being paid by increasing the number of people that are paying taxes.
It is time to increase the number of young people working and paying taxes.
It is time to increase the number of middle class people working and paying taxes.
And yes, it is time to increase the number of wealthy people working and paying taxes.
Governor Malloy is now being accused by some of shredding the safety net to try and balance the budget.
The truth is, there is only one way to painlessly shrink the safety net. You must decrease the number of people in the net. More people working means fewer people needing help which means dollars are freed up for other things like...oh I don't know, education. or one could really get wacky and actually lower taxes.
Yes, it is time to increase taxes by getting serious about encouraging and helping business to create more jobs for our neighbors.
Unfortunately, that type of tax increase seems to be beyond the understanding of those in charge, from the White House to the State House.