The proposal will be included in the proposed budget the governor plans to present to the legislature on Wednesday.
By Hugh McQuaid, CTNewsJunkie.com
Gov. Ned Lamont on Monday detailed a long-promised reduction in Connecticut income tax rates. The proposal is targeted at middle class families, but would help reduce income taxes for 63% of state taxpayers and virtually eliminate income taxes for households that qualify for the earned income tax credit.
The plan, which he announced during a press conference in East Hartford, would lower the rates in the first two of the seven tax brackets. It would reduce the rate on the first $10,000 of earned income from 3% to 2% and would lower the rate on earned income from between $20,000 and $100,000 from 5% to 4.5%. It essentially means joint filers could see about a $600 reduction in their income taxes and single filers could see about $300.
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