Below, are some of the details. The tables, below, show the changes that the Democratic budget would provide in state taxes.
To the left of the table are various income rates. Next to that are the what people at these incomes owe before the Property Tax Credit, how high their Property Tax Credit is likely to be and their final state income taxes after their Property Tax Credit.
The next three columns are what these numbers would be under the Democratic budget plan. As you can see, people whose incomes are in green would receive a tax cut under the Democratic plan. Even those whose incomes are too low to owe state income taxes would likely see a tax cut under the Democratic plan from the new state Earned Income Tax Credit, which gives people back money to compensate them for sales taxes, etc. that they pay.
The last two columns show amount of change in each income group's state income taxes, and their percentage change.
The first table are the numbers for married couples filing jointly.
| JOINT FILERS | $ | % | |||||||||
| CURRENT LAW | Legislature Proposal May 17th Plan | Change | Change | ||||||||
| Property Tax | Final | Property Tax | Final | ||||||||
| CT AGI | Liability (1) | Credit (2) | Liability (1) | Liability (1) | Credit (2) | Liability (1) | |||||
| $25,000 | $8 | $8 | $0 | $8 | $8 | $0 | $0 | NC | |||
| $40,000 | $312 | $312 | $0 | $312 | $312 | $0 | $0 | NC | |||
| $50,000 | $850 | $500 | $350 | $833 | $833 | $0 | -$350 | -100.00% | |||
| $60,000 | $1,800 | $500 | $1,300 | $1,737 | $1,000 | $737 | -$563 | -43.30% | |||
| $75,000 | $3,015 | $500 | $2,515 | $2,891 | $1,000 | $1,891 | -$624 | -24.80% | |||
| $100,000 | $4,508 | $500 | $4,008 | $4,268 | $1,000 | $3,268 | -$740 | -18.50% | |||
| $120,000 | $5,600 | $400 | $5,200 | $5,400 | $1,000 | $4,400 | -$800 | -15.40% | |||
| $150,000 | $7,100 | $250 | $6,850 | $6,900 | $1,000 | $5,900 | -$950 | -13.90% | |||
| $200,000 | $9,600 | $0 | $9,600 | $9,400 | $500 | $8,900 | -$700 | -7.30% | |||
| $300,000 | $14,600 | $0 | $14,600 | $14,838 | $0 | $14,838 | $238 | 1.60% | |||
| $600,000 | $29,600 | $0 | $29,600 | $33,088 | $0 | $33,088 | $3,488 | 11.80% | |||
| $900,000 | $44,600 | $0 | $44,600 | $52,588 | $0 | $52,588 | $7,988 | 17.90% | |||
| $1,500,000 | $74,600 | $0 | $74,600 | $91,588 | $0 | $91,588 | $16,988 | 22.80% | |||
| $2,500,000 | $124,600 | $0 | $124,600 | $156,588 | $0 | $156,588 | $31,988 | 25.70% |
This second table is for single taxpayers.
| SINGLE FILERS | $ | % | |||||||||
| CURRENT LAW | Legislature Proposal May 17th Plan | Change | Change | ||||||||
| Property Tax | Final | Property Tax | Final | ||||||||
| CT AGI | Liability (1) | Credit (2) | Liability (1) | Liability (1) | Credit (2) | Liability (1) | |||||
| $15,000 | $15 | $15 | $0 | $15 | $15 | $0 | $0 | NC | |||
| $20,000 | $137 | $137 | $0 | $126 | $126 | $0 | $0 | NC | |||
| $25,000 | $340 | $340 | $0 | $336 | $336 | $0 | $0 | NC | |||
| $35,000 | $1,215 | $500 | $715 | $1,168 | $1,000 | $168 | -$547 | -76.50% | |||
| $50,000 | $2,070 | $500 | $1,570 | $1,980 | $1,000 | $980 | -$590 | -37.60% | |||
| $60,000 | $2,800 | $450 | $2,350 | $2,692 | $1,000 | $1,692 | -$658 | -28.00% | |||
| $75,000 | $3,550 | $400 | $3,150 | $3,442 | $1,000 | $2,442 | -$708 | -22.50% | |||
| $100,000 | $4,800 | $250 | $4,550 | $4,692 | $800 | $3,892 | -$658 | -14.50% | |||
| $120,000 | $5,800 | $150 | $5,650 | $5,692 | $600 | $5,092 | -$558 | -9.90% | |||
| $150,000 | $7,300 | $0 | $7,300 | $7,342 | $300 | $7,042 | -$258 | -3.50% | |||
| $200,000 | $9,800 | $0 | $9,800 | $10,280 | $0 | $10,280 | $480 | 4.90% | |||
| $300,000 | $14,800 | $0 | $14,800 | $16,390 | $0 | $16,390 | $1,590 | 10.70% | |||
| $600,000 | $29,800 | $0 | $29,800 | $35,870 | $0 | $35,870 | $6,070 | 20.40% | |||
| $900,000 | $44,800 | $0 | $44,800 | $55,370 | $0 | $55,370 | $10,570 | 23.60% | |||
| $1,500,000 | $74,800 | $0 | $74,800 | $94,370 | $0 | $94,370 | $19,570 | 26.20% | |||
| $2,500,000 | $124,800 | $0 | $124,800 | $159,370 | $0 | $159,370 | $34,570 | 27.70% |
This budget would go a long way toward making the state's overall tax system fairer. Approving this budget would be the right thing to do. I hope that is what will happen.
