Connecticut Considers Income Tax Increases

The Connecticut Legislature is considering a measure that would increase the personal income tax rate for high income taxpayers and reduce the sales tax rate.

While reducing the sales tax rate from 6 to 4.5 percent, the proposal, CT SB 1385, also would eliminate the property tax credit, establish a refundable credit equal to 20 percent of the earned income tax credit.

The proposal also would increase the C corporation tax from $250 to $400 and increase the estate tax rate from 5 to 5.5 percent.

You may like these other stories...

Tesco accounting probe finds “inappropriate behavior” by staff – reportsClare Hutchison of Reuters wrote on Sunday that an investigation into a 250 million-pound ($402 million) profit overstatement at...
Did you ever feel as if you're preparing taxes in the Twilight Zone? You may be more right than you think. Each year, professional preparers all over the country have to work in a shadowy reflection of the normal tax...
The split over convergenceDavid M. Katz of CFO wrote an interesting article on Thursday about the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) backing away from their...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.