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Think Tank Flunks Gov. Malloy’s Fiscal Record

Gov. Dannel P. Malloy was among five governors – all Democrats - given an “F” by the Cato Institute.

An "orgy" of tax hikes under Gov. Dannel P. Malloy’s watch is the reason the first-term governor scored an "F" in a report by the Cato Institute, a libertarian think tank.

Gov. Chris Christie of New Jersey, who Malloy often exchanges barbs with through the media, received a B.

New England’s leadership received mixed marks. Maine’s Gov. Paul LePage, who hopes to phase out the state’s income tax, was among four Republican governors who received an A. 

Vermont Gov. Peter Schumlin and Rhode Island Gov. Lincoln Chaffee both received a D. Massachusetts Gov. Deval Patrick scored a B. 

The Cato Institute wrote:

Dan Malloy of Connecticut signed into law a huge $1.8 billion tax increase, which increased the top individual income tax rate from 6.5 to 6.7 percent, the top corporate tax rate from 8.25 to 9.0 percent, and the sales tax rate from 6.0 to 6.35 percent. The governor also increased hotel taxes, luxury goods taxes, online sales taxes, alcohol taxes,  and the state death tax. After this tax hike orgy, Malloy had the gumption to claim that some small tax credits he approved were a “far reaching” and “rigorous initiative to grow jobs.”

Connecticut's unemployment rate increased in the past two months and hit 9 percent in September. In the past, Malloy said the economic recovery has been difficult yet progress is being made, while also questioning the recent numbers.

“We haven’t seen an increase in the initial number of people filing for unemployment benefits — in July, average weekly filings were 4,802 and in August they were 4,779.  In fact, claims are down from this time last year.  And tax withholdings are up 3.6 percent after adjustment,” Malloy said. “Those two trends are the opposite of what you would expect to see if the state was losing jobs at the rate suggested in this report."

Ehraimv October 10, 2012 at 11:58 PM
We need a think tank to tell us this?
Chief Waldo October 12, 2012 at 01:08 AM
I wonder what the Cato Institute had to say about Gov. Christie increasing New Jersey's travel tax (aka tolls) by 50% this year?

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