Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism
CT VIEWPOINTS -- opinions from around Connecticut

Taxing the wealthy is the right thing to do — and necessary

  • CT Viewpoints
  • by Carlos Moreno
  • September 5, 2017
  • View as "Clean Read" "Exit Clean Read"

More and more millionaires have come out and declared that they want to pay their fair share. Now, that message is just starting to percolate at the Capitol. We’re seeing the realization set in: Asking wealthy residents to step up and pay their fair share isn’t just the right thing to do; it’s the necessary thing to do.

Recently, a group of Connecticut millionaires stated “they should pay a larger percent of the tab for running Connecticut.”  Moreso, they “find it deeply troubling that…Connecticut’s leaders are refusing to ask its wealthiest citizens to pay more in taxes and are instead proposing damaging cuts to important services.”

Another group of upper-income residents called for “a balanced solution that includes an increase in taxes for those of us in the top 5 percent.”

This week, Rep. Daniel Rovero heard the call. He acknowledged that our tax code needs to be more competitive. He noted that an income tax increase on Connecticut’s wealthiest citizens is in fact “a fairer tax” than regressive proposals like an increase in the sales tax. Rep. Rovero is right. He is also right to acknowledge that cuts to municipal aid and eliminated tax credits are merely backdoor tax increases on working families.

The governor and all legislators should take note.

Nationally and in Connecticut, the carried interest tax loophole, which enables wealthy hedge fund and private equity managers to pay almost half the effective tax rate that everyone else pays, has been highlighted as one of the most egregious examples of an unfair tax code benefiting the rich at the expense of everyone else. This costs our state over $520 million annually that could contribute to our schools and hospitals. Fortunately, as the drumbeat for tax fairness and a sustainable budget grows, so too does the number of millionaires declaring that they are ready to contribute their fair share.

Even some prominent Connecticut hedge fund managers are joining the call for fairness. Greenwich investment magnate Paul Tudor Jones of Tudor Investment Corporation stated through a spokesman that “carried interest should be taxed as ordinary income.” Peter Schiff, CEO of Westport’s Euro Pacific Capital, agrees, noting that hedge funds don’t create many jobs and certainly won’t go anywhere if they lose their loophole.

It’s time for more legislators to step up and respond to the growing number of wealthy residents asking for the opportunity to contribute their fair share to the wellbeing of the state.

There cannot be a fair and sustainable budget without fair and sustainable revenue. Many of our wealthiest citizens are already asking to be taxed fairly, but our politicians need the courage to get it done. Voters across the state now must speak up and give them that courage.

Carlos Moreno is interim state director of the Connecticut Working Families Party.

Sign up for CT Mirror's free daily news summary.

Free to Read. Not Free to Produce.

The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.

YES, I'LL DONATE TODAY

ABOUT THE AUTHOR

SEE WHAT READERS SAID

RELATED STORIES
The Board of Regents’ changes must not shortchange its students or faculty
by Carrie Andreoletti, PhD

As a university professor and a lifespan developmental psychologist, I tend to approach my work from a developmental perspective. This means I aim to foster a lifelong love of learning and to help others find a sense of meaning and purpose, as well as confidence in their ability to reach their goals. My approach to higher education is shaped by my desire to provide the best possible education for my students. This is why the recent Board of Regents’ proposed changes at the four state universities have me worried.

How to close schooling opportunity gaps created by the pandemic
by Carol Gale

We ask school district leaders to trust your public servants whose daily work life involves assessing student needs and planning or modifying instruction to meet those needs. Listen to their voices, as we have, and allocate precious resources on interventions that will offer increased opportunities for Hartford students to succeed.

A new guide for schools: How to work with families this spring
by Michael Arrington and Erika Haynes

With months of remote and hybrid learning to go, families and educators continue to adapt and innovate to meet the moment. Since August, we’ve spoken with hundreds of parents, caregivers, family support groups, educators, and students across Connecticut and the country about things things that have worked --strategies, big and small, that have made this time more manageable and helped children learn and stay connected with peers.

Housing is a human right
by Tenaya Taylor

Nonprofit Accountability Group is a queer- and trans-led group based in Hartford that is dedicated to creating racial equity by directing resources to Black, Indigenous and People of Color (BIPOC) and disabled children and families. NAG was founded in 2020 as an organization with a transformative approach to implementing nonprofit accountability by creating relationships within the community, nonprofits, and their funders.

How do we show that we value teachers? By listening to them.
by Sana Shaikh

When I was graduating college, my friends’ futures were brimming with impressive labels: Google, Facebook, McKinsey, Bain, PhD, MD, Fulbrights – the list of professional excellence was seemingly never-ending. When I said that I was becoming a teacher, I got puzzled looks – “Why would you be a teacher?” “If you can’t do, teach,” I heard. The nonchalance about my professional trajectory was unsettling. What’s more? Nothing has changed in the last ten years.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion The Board of Regents’ changes must not shortchange its students or faculty
by Carrie Andreoletti, PhD

As a university professor and a lifespan developmental psychologist, I tend to approach my work from a developmental perspective. This means I aim to foster a lifelong love of learning and to help others find a sense of meaning and purpose, as well as confidence in their ability to reach their goals. My approach to higher education is shaped by my desire to provide the best possible education for my students. This is why the recent Board of Regents’ proposed changes at the four state universities have me worried.

Opinion How to close schooling opportunity gaps created by the pandemic
by Carol Gale

We ask school district leaders to trust your public servants whose daily work life involves assessing student needs and planning or modifying instruction to meet those needs. Listen to their voices, as we have, and allocate precious resources on interventions that will offer increased opportunities for Hartford students to succeed.

Opinion A new guide for schools: How to work with families this spring
by Michael Arrington and Erika Haynes

With months of remote and hybrid learning to go, families and educators continue to adapt and innovate to meet the moment. Since August, we’ve spoken with hundreds of parents, caregivers, family support groups, educators, and students across Connecticut and the country about things things that have worked --strategies, big and small, that have made this time more manageable and helped children learn and stay connected with peers.

Opinion Housing is a human right
by Tenaya Taylor

Nonprofit Accountability Group is a queer- and trans-led group based in Hartford that is dedicated to creating racial equity by directing resources to Black, Indigenous and People of Color (BIPOC) and disabled children and families. NAG was founded in 2020 as an organization with a transformative approach to implementing nonprofit accountability by creating relationships within the community, nonprofits, and their funders.

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than numbers in a prison and much more than victims of societal dispositions. This piece depicts a melanated young man draped in a cape ascending high above multiple forms of oppression. […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s like to wake up in new skin?”

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is the catalyst to all my work, and plays a major influence in each piece of work.”

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture and Art masterpieces and applying the vintage 1960’s and 70’s classic figures (Fisher Price, little people) to the make an amusing pieces. Here is my homage to Fisher -Price, Yellow […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO