Well, if this doesn't end the real estate market, then the stupidity index is higher than I thought

Hartford Democrats are coming after you, Greenwich homeowner

Connecticut’s wealthiest would pay a new “consumption tax” aimed at raising $700 million a year, as well as a higher rate on investment income, under legislation considered Thursday to fund the two-year, $46-billion budget supported by majority Democrats in the General Assembly.

The tax hikes won approval from progressive Democrats who have wanted the wealthy to pay more for years. Republicans attacked it and Democratic Gov. Ned Lamont warned against it, stressing that the state has recently enjoyed good economic news, with a surplus in the current budget, a robust, $3.5 billion reserve fund, as well as an upgrade in its bond rating.

“No, it's not really my thing,” Lamont said in response to a reporter’s question Thursday morning. “We're starting to get some economic momentum in Connecticut, and I don't want to do anything to stop that.” He stressed that the spending and tax packages will soon be the subject of direct talks between lawmakers and his office.

The year after the biennium, the state would see a $1.9-billion deficit.

According to a summary of the legislation, the consumption tax would be based on income levels of the wealthiest. While it apparently was first aimed at incomes over $140,000, by Thursday morning the threshold seemed to increase to those whose adjusted gross incomes (AGI) of $500,000. The new tax would range from 0.7% for taxpayers with federal AGIs between $500,000 and $2 million to 1.5% for taxpayers with federal AGIs of $13 million or more.

The $1.4 billion projected to be generated over the biennium would not be subject to the state’s so-called volatility cap because about $200 million would be siphoned into an equity investment fund to nearly double the amounts for lower-income residents who participate in the Earned Income Tax Credit program. Those in the program would be able to get additional income credits totaling $154 million over the biennium, according to the draft legislation.

The bill seemed have caused conflict within the Democratic-dominated committee, which was scheduled to consider the measures on Wednesday, but the meeting was abruptly postponed at around 8 p.m.

Much of Greenwich has turned blue, and those people will be happy to stay in the pen and be fleeced, and God bless them, they deserve it, good and hard. If you’re not of that persuasion, however, you’d be well advised to sell and get out now. And for new buyers, if you’re looking for a new state to move to, don’t even consider buying here. If you’ve been smart enough to amass enough wealth to purchase a million-dollar + house, now is not the time to turn stupid.

The state’s lust for money is insatiable, and Greenwich, which already pays 17% of the budget (together with Darien and New Canaan, it’s 35%) is the natural target. Hartford thinks you have nowhere else to go; prove them wrong.