Connecticut Capital Gains Tax on Wealthy Back in Play (2)

May 20, 2019, 4:43 PM; Updated: May 20, 2019, 8:25 PM

Democratic legislators in Connecticut have again proposed a capital gains tax on wealthy taxpayers as part of sweeping changes to the state’s tax code.

A bill (S.B. 877) released May 20 would implement a 2% surtax on capital gains earned by taxpayers in the state’s top income tax bracket—above $500,000 in taxable income for individuals and above $1 million for couples filing jointly.

The surtax would apply to 26,000 of the state’s wealthiest taxpayers and would raise $262 million in new annual tax revenue, Rep. Jason Rojas (D), co-chair of the Finance, Revenue and Bonding Committee, previously told ...

To read the full article log in. To learn more about a subscription click here.