capital gains tax

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Defying Malloy, legislators pitch a $1.8 billion revenue increase

Rep. Russ A. Morin, D-Wethersfield, and Sen. L. Scott Frantz, R-Greenwich, members of the Finance, Revenue and Bonding Committee, debate tax proposals put forward by Democrats Wednesday.

A key legislative panel broke Wednesday with Gov. Dannel P. Malloy by recommending a plan that bolsters state tax and fee receipts by more than $1.8 billion over the next two fiscal years, including more than $540 million in new income taxes on the wealthy and an overhaul of the sales tax. Continue Reading →

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Panel will consider plan to boost CT income taxes on the wealthy


The legislature’s tax-writing panel Wednesday will consider recommending an increase in income taxes on Connecticut’s wealthiest households, retroactive to Jan. 1, to help close the large deficit in the next budget, according to sources. The Democrat-controlled Finance, Revenue and Bonding Committee also will consider significantly extending the sales tax to new goods and services as part of a plan to overhaul non-education municipal aid and limit local car taxes. Continue Reading →

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