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Article: Confusion surrounds controversial state income tax, repeal campaign. (Connecticut's tax policy)
- Article from:
- Fairfield County Business Journal
- Article date:
- November 25, 1991
- Author:
CopyrightCOPYRIGHT 1991 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A driver entering Connecticut will see the rolling hills, the quaint New England houses, and the omnipresent "repeal income tax" bumper stickers.
The state income tax took effect Sept. 1, after Gov. Lowell Weicker spent the summer fighting with the General Assembly, and businesses began withholding taxes from paychecks on Oct. 1.
Weicker argues that the tax is in the best interest of the state because it will put the state's financial house in order. Without the tax, the state's bond rating would suffer, he argues.
"If we lose one notch on our bond rating, it will cost $100 million. That's not money that will be spent in Connecticut. That will go ...