Lawmakers are considering a bill that would create a progressive income tax system. It would also raise the tax rate on trusts and estates.
Turn on CTN right now, and you can watch the public hearing. The Finance, Revenue and Bonding Committee is discussing several bills, including House Bill No. 6557. Because of the weather, many committee members are absent and some of the people who signed up to testify are not there, but it still makes for interesting conversation.
If you remember, Democrats wanted a tiered income tax system in 2007, but the measure did not make it into the state budget. That system would have increased the income tax for the state's wealthiest residents. House Bill No. 6557 would do the same thing. Do you think this is fair? With the wealthiest residents seeing a decline in income, should the state charge them more, knowing that Connecticut may not see the amount of revenue it hopes for?
Stay tuned, and if you are taking a snow day, check out CTN.
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I think an increase in the estate and trust tax would be reprehensible--just as it would be criminal to bring back the toll booths.
As far as the wealthy paying more....I do believe in trickle-down. It is the wealthy that help to create and sustain business. It keeps us all in jobs. However, it does seem that the middle class bears the brunt of taxes in the state and country. How about a tax break for everyone?
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