Democratic state senators have unveiled a package of measures that they believe will help small businesses, and get Connecticut back to work. The proposals include taxing Wall Street bonuses. WNPR’s Harriet Jones reports.
Several state senators gathered at a dry cleaners in West Hartford to detail their plan, a showcase that they hoped would emphasize the importance of small, locally owned businesses. To help those enterprises, the democrats are proposing to waive the $250 business entity tax on small companies for two years. They also want to set up a new loan fund that small businesses could draw on, if they’re unable to access other types of credit. Senate President Pro Tem Donald Williams outlined how they plan to pay for the proposals.
“Some of the big firms on Wall Street were able to get taxpayer money in order to solve their problems. But they still haven’t started lending money to small businesses in the amount and quantities necessary to grow the jobs here in Connecticut. We are going to seek restitution from Wall Street in the form of a surcharge on those huge bonuses.”
In fact the Democrats’ plan would put an income tax surcharge on payments of more than one million dollars to workers at any institution that took bailout cash. The final part of the package involves combining the financing arms of several state agencies that help small businesses – Connecticut Innovations, the Connecticut Development Authority and the Department of Economic and Community Development.
For WNPR, I'm Harriet Jones.