Davidson News

Davidson News

Connecticut Income Tax Cuts: Pumping the Brakes on Inequity – Not Halting the Ride!

Connecticut Tax Burdens for Poorest Projected to Rise Despite Record Cuts

Connecticut Income Tax Cuts: Pumping the Brakes on Inequity – Not Halting the Ride! (PHOTO: The Balance)

Data Gaps Acknowledged, New Measures Underway to Improve Analysis

According to CT Mirror, a recent study by Connecticut Voices for Children a progressive policy group shows that even with the largest-ever state Connecticut income tax cuts and recent relief measures taxes for the poorest households in Connecticut are still expected to rise significantly. The analysis criticizes the Connecticut income tax cuts fairness study by the Department of Revenue Services for not including crucial elements like projected tax burdens on the wealthiest households. Mark Boughton, Lamont’s tax commissioner acknowledges data gaps due to long-standing issues in data collection but assures that efforts are underway to address this with a new revenue analytics unit.

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Connecticut Voices for Children Calls for Fairness Tax Restructuring

Connecticut Voices for Children asserts that the Connecticut income tax cuts system is unfair disproportionately burdening lower-income individuals. The analysis highlights the necessity of restructuring the tax system for fairness considering individuals’ ability to pay. Despite recent relief measures, the study recommends a more comprehensive approach including a proposed income tax credit of $500 to $600 per child for poor and middle-class households costing the state an estimated $300 million annually. Lawmakers are currently proposing new income tax cuts with concerns raised about potential expenses, increased tax inequities, and significant cuts in essential services highlighting the challenges of achieving a balanced and fair tax system.

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