Subscription Status

Supporting Member : No
Pro Supp. Member : No

Join & Become a Member
Supporting Memberships

Our Local Sponsors


Forum Links

CTGUNTALK.COM Forum Links
  1. CT AWB / LCM FAQ
  2. CT Shooting Range Info
  3. CT Gun Shops


Like & Follow us on :

Author Topic: Lamont's budget; $1 billion in new taxes, $1 billion in tolls  (Read 1984 times)

0 Members and 1 Guest are viewing this topic.

Online mu2bdriver

  • Trade Count: (+9)
  • Highly Active Member
  • *****
  • Join Date: Mar 2009
  • Posts: 2315
  • Thanked: 9 times
  • Everyday I wake up this State sucks a little more.
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #33 on: February 23, 2019, 10:47:17 AM »
You are not allowed to view links. Register or Login
That will be another waste of money. These companies that provide "services" to the government are always a boondoggle for taxpayers.
Yup. How much could these towns really recoup after the shakedown from the contractors. And it’s missing the bigger picture of why people are seeking money saving alternatives out of state.

Online M1A_All_Day

  • Forum Contributor
  • Trade Count: (+4)
  • Highly Active Member
  • **
  • Join Date: Dec 2016
  • Posts: 945
  • Thanked: 16 times
  • Firewood Hoarder
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #34 on: February 23, 2019, 12:43:28 PM »
You are not allowed to view links. Register or Login
I doubt many people will be paying more in federal taxes this year.  Even though some deductions were lost or capped the standard deduction is more and the rates are lower.  This is one of the things the media is trying to scare us about without a whole lot to back the claims up.  On the other hand, CT is taking 5 times the withholding from me now.  I've heard that people are getting less back but that is because less was withheld in the first place.

It's not paying more in Federal taxes by itself, its being able to deduct less in state and local income taxes.
More taxable income = more tax due.

The SALT cap is very explicit and simple- $10k combined state a local income tax deduction on your Federal tax filing, period.
So you make $100k.
You're paying $7k in state income tax (top bracket is 6.99%)
Your local property tax on hour home is $8k.
That's $15k

Your taxable income just went up +$5k over last year, you can only claim $10k in SALT.
If you did not adjust your Federal withholding throughout the year to cover that, you'll owe more.
And withholding is no different from paying tax.
Depending on the brackets and where your exact taxable income falls, that's another $1-1.5K in Federal tax due on that +$5k.

That's a dramatically simplified example.
And again, the brackets DID change a little and the standard deduction is more, BUT it all depends on where you fall in those brackets and how much SALT deduction you were able to claim prior. I can say for certain that the bracket change did very little for me and I had to pay the IRS ~$3k more this year.

(Example) A professional dual-earner West Hartford household in paying $13k in local property tax, and combined $15k in state income tax is going to get whacked by not losing $18k in loss of SALT deduction. That's huge. And that's the type of people you definitely don't want to lose more of in the state.

Online Flatulence

  • Trade Count: (+5)
  • Highly Active Member
  • *****
  • Join Date: May 2008
  • Posts: 2460
  • Thanked: 36 times
  • FCFAA
  • Referrals: 0
    • FCFAA
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #35 on: February 23, 2019, 02:25:19 PM »
You are not allowed to view links. Register or Login
It's not paying more in Federal taxes by itself, its being able to deduct less in state and local income taxes.
More taxable income = more tax due.

The SALT cap is very explicit and simple- $10k combined state a local income tax deduction on your Federal tax filing, period.
So you make $100k.
You're paying $7k in state income tax (top bracket is 6.99%)
Your local property tax on hour home is $8k.
That's $15k

Your taxable income just went up +$5k over last year, you can only claim $10k in SALT.
If you did not adjust your Federal withholding throughout the year to cover that, you'll owe more.
And withholding is no different from paying tax.
Depending on the brackets and where your exact taxable income falls, that's another $1-1.5K in Federal tax due on that +$5k.

That's a dramatically simplified example.
And again, the brackets DID change a little and the standard deduction is more, BUT it all depends on where you fall in those brackets and how much SALT deduction you were able to claim prior. I can say for certain that the bracket change did very little for me and I had to pay the IRS ~$3k more this year.

(Example) A professional dual-earner West Hartford household in paying $13k in local property tax, and combined $15k in state income tax is going to get whacked by not losing $18k in loss of SALT deduction. That's huge. And that's the type of people you definitely don't want to lose more of in the state.

SALT hurt me so bad that I am divesting half of my rental properties to invest the capital elsewhere.
Fairfield County Firearms & Archery LLC 01, 07, 08 FFL
4 New Canaan Ave Norwalk CT 06851
203 354 0616

Online M1A_All_Day

  • Forum Contributor
  • Trade Count: (+4)
  • Highly Active Member
  • **
  • Join Date: Dec 2016
  • Posts: 945
  • Thanked: 16 times
  • Firewood Hoarder
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #36 on: February 23, 2019, 03:06:47 PM »
The SALT cap was supposed to be a penalty to blues states and gift to red states.
Turns out you'll need at least SOME of the blue states to win reelection.

The SALT cap is going to get tossed, or increased.
I'd bet on tossed, the wealthy (= campaign donors) have taken full advantage of it.

And rightfully-so: Why would you pay tax on taxes you already paid??
All taxes of any form should not be taxable again, pissed me off when the CT auto tax started getting removed.

Online M1A_All_Day

  • Forum Contributor
  • Trade Count: (+4)
  • Highly Active Member
  • **
  • Join Date: Dec 2016
  • Posts: 945
  • Thanked: 16 times
  • Firewood Hoarder
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #37 on: February 23, 2019, 03:08:27 PM »
You are not allowed to view links. Register or Login
SALT hurt me so bad that I am divesting half of my rental properties to invest the capital elsewhere.

That sucks. And that's exactly the kind of taxation that kills small business.
Hopefully it gets turned-over.

Offline turbotype87

  • Trade Count: (+7)
  • Highly Active Member
  • *****
  • Join Date: Mar 2012
  • Posts: 812
  • Thanked: 5 times
  • I am a newbie. :-)
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #38 on: April 22, 2019, 03:17:57 PM »
The real sad part to all of this is the Morons who voted for the idiot knowing he was going to be ''WORSE'' then Malloy? Funny part is I don't know of anyone who voted for this clown. I'm guessing the Dems rigged the election. Lamont is going to destroy this state.

Offline toker

  • Trade Count: (+3)
  • Highly Active Member
  • *****
  • Join Date: Dec 2012
  • Posts: 2207
  • Thanked: 13 times
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #39 on: April 22, 2019, 05:13:12 PM »
You are not allowed to view links. Register or Login
The real sad part to all of this is the Morons who voted for the idiot knowing he was going to be ''WORSE'' then Malloy? Funny part is I don't know of anyone who voted for this clown. I'm guessing the Dems rigged the election. Lamont is going to destroy this state.
Sadly, I know lots of people who vote solely on social issues. Even more co-workers that will do so.

In this day and age, I still believe that Republicans are on the losing side of things like LGBT rights, abortion, etc.
"No Free man shall ever be debarred the use of arms."
- Thomas Jefferson

Online JBear

  • Trade Count: (+1)
  • Highly Active Member
  • *****
  • Join Date: Jan 2016
  • Posts: 3106
  • Thanked: 36 times
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #40 on: April 22, 2019, 07:27:37 PM »
I feel like I've said this a million times here at this point, but the fact that people are still surprised that we have Lamont will never cease to amaze me. The numbers are all for it, nobody else had a chance. The parasitic sector in CT outnumbers the non-state non-union non-welfare minority by too great a chasm to be overcome, and they will grumble about the same things we do, then turn around and vote in their own interest over that of the state at large. Every. Time. Period.
You are not allowed to view links. Register or Login
But it will be like teaching a pig to sing, a waste of your time, and you'll only succeed in anoying the pig.

Online 2ndamendment45

  • Trade Count: (0)
  • Highly Active Member
  • *****
  • Join Date: Dec 2012
  • Posts: 1699
  • Thanked: 12 times
  • Referrals: 0
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #41 on: April 22, 2019, 07:39:07 PM »
Regressive taxes will affect the poor and low income disproportionately but these idiots don’t get it  :bash:

Online richief

  • Trade Count: (+20)
  • Highly Active Member
  • *****
  • Join Date: Apr 2010
  • Posts: 2515
  • Thanked: 2 times
  • Dubbed "Fringe O Fringe" by Holier than thou D.M.
  • Referrals: 2
    • youtube
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #42 on: April 22, 2019, 08:13:53 PM »
You are not allowed to view links. Register or Login
It’s already a losing-proposition if you wanted to sell your house right now. I have done well over $100k of remodeling and improvements (in materials alone) to our primary residence since 2006. I could only sell is for max $25k over what I paid for it. Entirely new septic system, new well drilled, all steel roofing, I could go on...  It’s the comps that are killing it. If I do a selling price dollar/sq ft comp search, it’s horrible. I didn’t pay huge in the boom, I bought something that had not been touched since the 1950s that people turned their nose at.

There is a market saturation of great baby-boomer-owned homes that the younger generation can’t afford and doesn’t want. By the time they crunch the final mortgage payment including escrows, it’s out of their budget. Seen it over and over- watch for houses near you that are “sold” the  end up back in the market, that’s why- sticker shock once you add in escrows. Leading indicator: public school enrollment in non-urban towns is dropping.

And our AG business, forget about it. We’d be selling all the land for development and eating $200k in getting zero value for the improvements (buildings and structures). It’s sad. There’s land for sale everywhere, about $100k will get you 15-20 virgin acres with zero improvements- no perk tests, zoning for aubdivision, etc.

My wife and I have been talking about this non-stop for a few weeks. We are taking a recon mission trip to visit Lexington, KY are surrounding area. They do have a property and sales tax there, but the property taxes and appraised values are fractional in comparison to here.

I know the area pretty well, I lived in the metro area two years, before i bought in The mountains. To enjoy the antithesis of Ct, which KY is, do not move to Democrat controlled Lex, Frankfort or the Ville. I will give you a great tip, that is if you want to enjoy the convenience of what Lex offers and you enjoy shooting sports. Buy in or around Wilmore. Join Bluegrass sportman’s club, shoot competitions every weekend @ a great facility, and you can thank me when your done pinching yourself every morning that you wake up and you realize there still is some Merica left. Err right. Now, still very convenient to Lex is Danville, a great place to Live and prob won’t need to visit Lex much because it has a base of everything you could need. Wilmore is mostly farm, and that is what i wanted, i am more of a recluse than these areas offered though. There are great towns all around there, Perryville (my town song), Harrodsburg, Junction City, Lancaster, if you want a farm. If you are guy who lives to be at the shooting range buy in wilmore, if you want metro Lex Convenience without stomach turning Dem policies, and just a beutifull place to live, similiar to the suburban CT living that your used to, Danville is the spot my man. That in mind, and fishing/water is a must have for you, buy around lake Herrington.
 I just gave you a perspective that should save you a couple yrs of renting before buying. You and your wife can take me and my Wife out, for a Steak when you get settled.
« Last Edit: April 22, 2019, 08:40:34 PM by richief »
“Statesman, my dear Sir, may plan and speculate for liberty, but it is Religion and Morality alone, which can establish the Principles upon which Freedom can securely stand.'
John Adams

Online Bottom Rung

  • Forum Contributor Pro
  • Trade Count: (+3)
  • Highly Active Member
  • ***
  • Join Date: Jun 2014
  • Posts: 691
  • Thanked: 16 times
  • PROTECT the 2nd!
  • Referrals: 1
Re: Lamont's budget; $1 billion in new taxes, $1 billion in tolls
« Reply #43 on: April 22, 2019, 09:49:06 PM »
You are not allowed to view links. Register or Login
Sadly, I know lots of people who vote solely on social issues. Even more co-workers that will do so.

In this day and age, I still believe that Republicans are on the losing side of things like LGBT rights, abortion, etc.

Eventually every social issue weirdo gets their way and ends up simply being a taxpayer.  Taxes transcend social issues. After a while too much to pay is simply too much to pay.