Attorneys who handle estate planning for wealthy Connecticut residents told lawmakers Friday that Connecticut’s estate and gift taxes are driving out the very people the state needs in these difficult times. Supporters of estate tax reform believe the ongoing tax revenue from keeping wealthy residents in Connecticut would outweigh the lost revenue from the estate tax. Opponents of the proposal don't believe people leave Connecticut because of taxes.
Marc E. Fitch
Should Connecticut repeal the estate and gift taxes? Should members of the military and their spouses be forced to jump through the red tape of Connecticut's occupational licensing laws? These are just two of the many bills that were debated throughout this week. Below is a run down on which bills Yankee testified on and our position.
After a long career working for international banks that specialized in developing countries, John Caracciolo decided to retire with his family in Barkhamstead for the good schools and the quiet countryside. That was six years ago. Now John is rethinking that decision.
A bill that would roll back the controversial state practice of civil asset forfeiture is headed for a public hearing before the Banking Committee on Thursday. The proposed bill would require a criminal conviction in order for the state to forfeit property related to the commission of a crime.
The few hundred wealthy families who pay an outsized share of Connecticut's tax burden are having a big effect on Connecticut's budget deficit. According to projections by the Office of Fiscal Analysis, the state's take from top taxpayers is going down, although the causes of the decrease remain uncertain.
Yankee Institute testified on twenty-three bills this week in our continuing effort to give you a voice in the state capitol building. Below is a run-down of each of the bills and Yankee's position.