Connecticut Budget Ditches Capital Gains Tax, Cuts Business Credit (1)

A push by Democratic lawmakers to levy a tax on capital gains earned by wealthy Connecticut taxpayers wasn’t included in a proposed two-year Connecticut budget agreement.

Gov. Ned Lamont (D) and Democratic leaders in the House and Senate announced May 30 they had reached an agreement on a state budget that won’t raise income tax or sales tax rates. A spokesman for Lamont confirmed May 31 that the capital gains tax wasn’t included in the budget agreement, which hasn’t yet been released.

“We’re going to get a budget that’s balanced without raising tax rates on anybody,” Lamont said at a ...