No income-tax hike on rich in tentative CT budget

CT Governor smiles as he speaks at news conference.

Connecticut Governor Ned Lamont – Photo: Arnold Gold – Hearst Connecticut Media

Gov. Ned Lamont’s administration and legislative leaders closed in Friday on a budget deal that would create a new “mansion tax,” but exclude the income-tax increase on the rich sought by rank-and-file Democrats.

Sources close to the negotiations said the package features an additional conveyance tax on expensive homes, a sales tax increase on certain luxury products and higher taxes on pass-through entity businesses. Combined, these would generate less than one-quarter of the revenue available from the income-tax increase favored by progressive Democrats, an extra two-percent levy on capital gains earned by couples with million-dollar incomes and single filers making $500,000.

Read much more at No Income-Tax Hike On Rich In Connecticut In Budget So Far

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