State Senator Toni Boucher (R-26) has voiced her objection to a proposed tax on investment services, HB 7313, which would increase costs for individuals trying to plan for their future. \u201cDemocrats proposing this bill are calling it the hedge fund tax, portraying it as only impacting wealthy hedge fund managers,\u201d Sen. Boucher said. \u201cBut if you read the bill, this is a tax on income derived from any investment management services. This would apply to the services used by anyone who is trying to save and invest even a little bit of money. If you are trying to save and plan for your future, your financial adviser is getting taxed and you are the one who is going to pay.\u201d Sen. Boucher is a member of the legislature\u2019s Finance, Revenue & Bonding Committee, which scheduled a public hearing on the bill for Tuesday, April 11, at noon. HB 7313, An Act Imposing A Surcharge On Income Derived From Investment Management Services, would impose a 19 percent surcharge on income earned from investment management services. \u201cWe all know how this works,\u201d she said. \u201cIf you impose a tax on something, it increases the costs for the consumer. Investment managers will pay for the tax by increasing the cost for their services. The increased costs will ultimately come out of money people are putting away for their retirement, putting away for their children\u2019s education, putting away to buy a house, or even putting away to have money for a rainy day. The consumer is going to get soaked.\u201d Sen. Boucher said HB 7313 is another example of Democrats trying to tax their way out of the state\u2019s budget problems. A 20 percent surtax on corporations instituted a few years ago was supposed to be temporary but is still in place because of the \u201cneed\u201d for revenue \u201cIn 2011, we had the largest tax increase in the state\u2019s history and here we are six years later looking at another budget deficit,\u201d Sen. Boucher said. \u201cIt\u2019s time to realize that increasing taxes isn\u2019t filling the budget hole, it\u2019s just digging it deeper. We have to climb out before it\u2019s too late.\u201d Similar to a proposed tax on CPA services that was defeated by the legislature, she said the so-called hedge fund tax should meet the same fate. Sen. Boucher represents the communities of Bethel, New Canaan, Redding, Ridgefield, Weston, Westport, and Wilton.