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