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HARTFORD – Rep. Tina Courpas, R-Greenwich, recently submitted testimony in opposition to two proposed bills that would add taxes onto Connecticut residents.
S.B. 741 is a proposed capital gain tax aimed exclusively at the two highest tax brackets. Currently, capital gains are taxed in CT at the same level as ordinary income. This tax would make CT one of only three states where capital gains are taxed at a higher level.
S.B. 742 is a proposed statewide property tax, that would be levied exclusively on homes of $2 million or above. Connecticut is already one of only seven states which have a progressive real estate conveyance tax structure. If this Bill passes, Connecticut will join a short list of states which also charge annual property taxes at the state (in addition to municipal) level, and exclusively on higher-priced properties.
Rep. Courpas supports a progressive tax structure – that is, a tax where the rate you pay increases as your income rises.
She opposed these Bills on the following two grounds: 1) Connecticut already has one of the most progressive tax structures in the country, and 2) the state’s tax policies are making it economically irrational for higher income taxpayers to move to CT and to stay in CT once they are here.
Rep. Courpas’ testimony can be found here.
