Marc E. Fitch
Buried in a bill to raise taxes on bed & breakfasts and implement yet another motor vehicle registration fee is a provision to raise the income tax on Connecticut’s top earners from 6.99 percent to 7.49 percent. Senate Bill 1054 would impose a retroactive tax on individuals, families and owners of small businesses who earn $500,000 or more.
Connecticut remains dead last in the nation for the Tax Foundation’s annual Tax Freedom Day report, which calculates when the residents of each state have collectively made enough money to pay all their tax bills. For Connecticut that day is May 21, one full week later than New Jersey and ten days later than New York.
Highway tolls may soon return to Connecticut’s borders as lawmakers search for additional money to fund transportation costs. Facing projected deficits to Connecticut’s Special Transportation Fund, the finance, revenue and bonding committee heard testimony Monday on a bill to install electronic tolls on Connecticut’s highways.