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Connecticut Facing Major Tax Hikes

Connecticut residents would see increases in state taxes on income, cigarettes, alcohol, gas and estates under a proposal Gov. Dannel Malloy will unveil Wednesday, the Hartford Courant reports.

The plan, which also would increase sales taxes, is being called one of the largest tax increases in state history. The sales tax would rise to 6.25 percent from 6 percent and be added to a range of items that are currently exempt, reports.

The plan seeks to raise $1.5 billion and would increase income taxes on the middle class and the wealthy, reports.

Malloy unveiled a plan for eight graduated rates, rather than the current three, in the income tax, according to the Courant . The categories are as follows:

• 3 percent up to $20,000;• 5 percent on income from $20,000 to $100,000;• 5.5 percent from $100,000 to $200,000• 5.75 percent from $200,000 to $400,000• 6 percent from $400,000 to $600,000• 6.25 percent from $600,000 to $800,000• 6.5 percent from $800,000 to $1 million• 6.7 percent for more than $1 million

All tax changes must be approved by the Democrat-controlled legislature.

What do you think of Gov. Dannel Malloy's plans to raise taxes?

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