Please ensure Javascript is enabled for purposes of website accessibility

Connecticut Post: Payroll tax would replace state income tax under radical new plan

Dan Haar, Connecticut Post

May 10, 2019 - less than 1 minute

Democrats including Gov. Ned Lamont are preparing to replace most of the state income tax with a payroll tax, a new way to raise cash for the state that would mark the most radical change in Connecticut finances since the income tax started 28 years ago.

The plan would mean a tax cut for every person who works in Connecticut, at least in theory.

[...]

The plan came from the Connecticut School Finance Project, a nonprofit, nonpartisan group based in New Haven that works on public finance issues. It was based on thinking that arose after the late-2017 Republican national tax reform act capped federal deductions for state and local taxes at $10,000 — costing Connecticut taxpayers an estimated $2.8 billion.

Read the full article at https://www.ctpost.com/business/danhaar/article/Dan-Haar-Payroll-tax-would-replace-state-income-13832414.php

Stay Up-to-Date

Sign up to get new reports and the latest data sent right to your inbox.

We care about the protection of your data. Read our Privacy Policy.