Millionaire's tax topic of budget talks
(07/15/03) HARTFORD - Budget negotiators were back at the table Tuesday with major issues still separating them. Republicans are opposing a Democrat plan that could impose a millionaire's tax in the second year of a two-year budget.
House Majority Leader Jim Amann (D-Milford) said he is willing to let the Republicans have their way by using the entire $259 million coming from the federal government to balance this year's budget, leaving a substantial deficit next year. But there's a catch: A contingency millionaire's tax in year two in case the federal government does not come up with another grant to cover the deficit.
The notion did not set well with Republicans who have consistently opposed the millionaire's tax. Rowland's budget director Marc Ryan thinks it would be very difficult for the governor or the Republicans to accept something like that because it might obligate them for higher taxes in the future.