Sunday, June 14, 2015

Slow Saturday Special: Malloy's Mi$take

Related: Connecticut Keeps Eye on Cho$en Ones

The cho$en ones letting them hear it:

"Malloy wants to scale back some proposed tax changes" by Susan Haigh Associated Press  June 13, 2015

HARTFORD — Governor Dannel P. Malloy called on lawmakers on Friday to scale back some of the tax increases his administration helped negotiate in a budget that prompted some major employers, including General Electric Co., to discuss moving out of Connecticut.

It's extortion, but that's the co$t of doing bu$ine$$. Imagine if the TPP is passed; then they can go overseas!


"General Electric Co. is near a deal to sell a division that finances leveraged buyouts to a Canadian pension fund, a person briefed on the matter said Sunday. It would be a major step in the industrial giant’s campaign to shed its GE Capital lending arm. A deal between GE and the Canada Pension Plan Investment Board could be announced as soon as Monday, the person said. The Canadian fund is expected to take over assets totaling more than $10 billion. If completed, a sale would be a huge part of GE’s ambitious campaign to retreat from banking, part of a sweeping effort to refocus on its industrial roots. The conglomerate announced in April that it planned to sell the bulk of GE Capital within two years. The lending business, known within GE as the sponsor finance unit, was seen as one of GE Capital’s crown jewels. Bidding for the division drew a wide array of suitors, including major private equity firms. A spokeswoman for GE Capital declined to comment on the talks, which were reported earlier by The Wall Street Journal."

Sorry I missed that.

Also see: GE Puts Good Things to Death

Mainly your job! So much for the "industrial roots."

The Democratic governor unveiled his so-called budget improvement plan, which rolls back nearly $224 million in tax increases during two years.

The two-year, $40.3 billion budget agreement, reached between the Democratic leaders of the General Assembly and Malloy’s administration, increases taxes by about $1.5 billion. Many of those tax changes affected businesses, prompting an unusual public outcry from the corporate community.

If you don't believe this is a corporate, and thus truly fa$ci$t, government now, well....

Malloy still praised the plan, which dedicates a small portion of the state’s sales tax to transportation improvements and local property tax relief. However, he said he heard the complaints.

From all of what, six people?

‘‘It’s a budget we should be proud of, but that doesn’t mean we shouldn’t continue to listen to the voices of Connecticut when it comes to improvements that we can make in this historic progress,’’ said Malloy.

These guys drop a pile and then they turn around and tell it's $weet-$melling gold. You can forget about the wealth inequality debate coming to anything; they can't even it out in lock-stock-barrel Connecticut, they can't do it anywhere.

Democratic leaders did not publicly sign off on Malloy’s plan to roll back the tax increases. House Speaker Brendan Sharkey, Democrat of Hamden, said they will certainly take Malloy’s proposal ‘‘under advisement.’’

Legislators are returning this month for a special session to take up budget-related and other unfinished bills. No date for the special session has been set.

$ee what money can do for you.

Under Malloy’s proposal, proposed sales taxes on car washes and parking would be scrapped.

His plan also reduces proposed tax increases on computer, data processing, and Web services, capping them at 1 percent. Also, a proposal to change how corporations report their income would be deferred to Jan. 1 and the state’s tax credit cap for corporations would be raised from 50 percent to 55 percent.

In a written response, GE said: ‘‘The governor and the legislature should do the right thing for small and large businesses and the citizens of Connecticut to improve the economic vitality of the state.’’

In other words, what GE wants.

Aetna Inc., which also suggested it might leave the state, signaled the changes were a positive sign.

Thanks for offering the assuring insurance, Aetna!

‘‘While the Connecticut business climate continues to be very challenging, this announcement is a step in the right direction,’’ the insurer said. ‘‘We will review these changes in more detail and monitor developments through the special legislative session.”

These guys are making record profits across the corporate sector (well, maybe they are starting to flag now) and it's always the $ame old $tory.

Malloy said he plans to ask lawmakers for the authority to cut state spending up to 1.5 percent across the board.

Oh, so you will also be getting SOCIAL SERVICE CUTBACKS! WOW!

He said he is also open to the General Assembly deciding where to make cuts to cover the tax increase-rollbacks.

Yeah, how nice of him. They would have to anyway, but that's a political lap dump.


Was it a mistake to post this? You will have to decide that for yourself.