CT’s regressive tax system = a bigger income gap between the state’s wealthy and middle-class families. #CTVoicesBudgetForum
CT is an outlier for not indexing our income tax brackets or income tax exemption to inflation. @patrickrobrien #CTVoicesBudgetForum
@patrickrobrien If CT had indexed the income tax system to inflation when it was created, the average middle-class family would be paying $2,400 less in taxes this year! #CTVoicesBudgetForum
CT is one of 2 states that have an independent state income tax but NO exemption or credit specifically designed to adjust for family size and help offset the higher than the average cost of raising children. #CTVoicesBudgetForum
The “tax gap” mostly benefits wealthy families rather than everyday CT residents. Fewer DRS staff = less tax dollars. @patrickrobrien #CTVoicesBudgetForum
With timely support here's what a family would receive in monthly support. #CTVoicesBudgetForum
Our proposal for state tax reform: 1) Index the income tax to inflation 2) Establish a CT child tax credit 3) Increase the income tax rate for individuals making over $500K and couples making more than $1M (if necessary). 4) Cut CT’s income tax gap by increasing funding for DRS
Our proposal for state tax transparency: 1) Require DRS to provide regular tax incidence and tax gap reports. 2) Require OFA to provide tax incidence estimates for proposed and passed legislation 3) Require DRS to set up a timely support program so families can make ends meet.
The sales tax IS regressive, but sales tax cuts aren’t targeted to working- and middle-class families.
The reforms we talked about today: • Have a history of bipartisan support • Would give working- and middle-class families long-overdue tax relief • Help build a stronger, fairer Connecticut economy #CTVoicesBudgetForum
"Regardless of what people are spending this money on, we know people need more cash in their pocket." - @JQhudson, CT Voices External Affairs Director on CT's #ChildTaxCredit #CTVoicesBudgetForum
State Rep. @SeanScanlonCT, Chair of the Fiance, Revenue, and Bonding Committee breaks down the work that goes into putting together the state budget and lowering taxes for working and middle-class people. #TaxReform #ChildTaxCredit