Connecticut Green Party
P.O. Box 231214, Hartford, CT 06123 office – (860) 524-9448
News Release: for immediate release- March 5, 2003
Tom Sevigny, Green Party State Co-Chair: (860) 693-8344
Mike DeRosa, Green Party State Co-Chair (860) 956-8170 or (860) 919-4042
HARTFORD (March 4) — Connecticut Green Party budget analysts have condemned the recently passed state budget as unfair, unwise, and unworthy of the people of Connecticut. The Greens said the 2003-2004 budget leaves people on rock-bottom wages paying the same percentage of income tax as millionaires, while large corporations continue to enjoy generous tax breaks.
"To the shock and chagrin of Connecticut taxpayers, the Democrats of the State Assembly approved a budget that smelled terribly Republican, cutting social services and aid to cities while ignoring labor unions and the needs of the poor. With Democrats like these, who needs Republicans?" said Tom Sevigny, Green Party State Co-Chair said. He added, "The major political parties have joined ranks to give the wealthy and the corporations every tax advantage while asking lower- and middle-income citizens to shoulder more of the burden."
State Budget Fact Sheet
- Tax exemptions for corporations and the wealthy accounted for $3.7 billion or 29% of the state total revenues
- Connecticut leads the nation in per capita bonded debt.
- The state’s marginal tax rate is highest on the $60,000-90,000 income bracket.
- The marginal tax rate on the highest income bracket is the 5th lowest in the country.
- Connecticut’s taxation of corporations is the lowest among adjacent states.
- Tax credits for corporations have increased 50-fold since 1991.
- Connecticut foregoes more than 70 cents in tax breaks for every dollar it actually collects.
- Fifty-seven percent of state bonds are used to cover operating expenses.
- Bonded debt has doubled in the last decade.
- The State office of Fiscal Analysis found that $738 million in tax abatements had no rational basis.
- State Deficit’s were covered by spending reserves and windfall funds
- Moody’s gave Connecticut a "negative outlook" because of the poor handling of state finances
"Our legislators have been negligent and cruelly uncaring in their formulation of taxation and cuts to services," said Mike DeRosa, another Green Party Co-Chair.
"Bonded debt is driving the economy of Connecticut into the ground, and unfair taxation is helping the rich get richer while the poor get poorer."