It is time for the Connecticut’s wealthiest residents to take some responsibility for the health of our state.
In response to today’s Senate vote to ratify the SEBAC union deal:
Carlos Moreno, Interim State Director of Connecticut Working Families:
“The State Senate did the right thing today in ratifying the SEBAC deal, despite the efforts of a unified Republican opposition that would rather play politics with the lives of thousands of Connecticut workers for presumed political gain in 2018. Today, we heard Republicans pit public and private sector workers against each other. Rather than vilify state workers, who have reached into their pocketbooks for a third time since 2009 in order to help the state. Republicans should be asking why every worker in our state can’t make a living wage, and why every worker in our state can’t retire with a pension. State workers have stepped up – again. With 30% of the budget deficit closed by 2% of Connecticut’s working families, it is time for the wealthiest few to step up and pay their fair share to help close the rest.”
“Our Republican legislators in particular have failed to demonstrate the courage and honesty needed to step away from the race-to-the-bottom politics of harmful cuts, regressive taxes, and unjust corporate subsidies. At a time when working families are taking all of the hit, their only suggestion is to hit them harder.”
“We need a real vision for the future centered on investment in urban spaces, maintaining and growing Connecticut’s high quality of life, and developing the kind of modern workforce that today’s employers require. Though we are proud of public sector union workers’ continued willingness to sacrifice for the sake of us all, we also recognize that continuing this cycle of cuts is disastrous to the future of our state. We need revenue and meaningful investment, not cuts. It is time for the 1% to step up and pay their fair share.”
“There are common-sense ways that Connecticut can fix its fiscal crisis and truly invest in a brighter future. The Carried Interest Loophole costs our state $520 million per year, letting hedge fund managers pay a 19.6% lower tax rate than ordinary taxpayers. Massachusetts has created positive growth by partially closing that gap with a 12% capital gains tax. In New York, a higher marginal tax rate of 8.82% on millionaires helps to ensure the health of the state. Here in Connecticut, our legislature fails to invest in infrastructure and growth, while passing the burden of budget cuts onto our workers and towns. This is despite the fact that much of the fiscal burden has been caused by a decline in corporate tax collection caused by massive business tax credits and sophisticated corporate tax avoidance, dropping corporate tax collection from 13.2% of the budget in 1991 to less than 4% of the budget in 2015.1”