Unique Tax Changes for the Rich in Connecticut
Filed under: Wealth
Add Connecticut to the list of states with major budget issues -- a club with a growing membership lately. Instead of just taxing the rich to help make ends meet, Governor M. Jodi Rell has decided to split hairs and tax the living rich while providing tax breaks to the rich who have passed on. Her budget plan includes a proposal to increase the personal income tax rate from 5% to 6.5% for those earning $500,000 or more per year and for joint filers earning $1 million or more. On the flip-side this plan would eliminate the inheritance tax which is rather appealing to those with ample funds to pass onto their heirs. This applies to estates worth $2 million or more. The Legislature will be bickering over the details -- what is your take on it?
