Rich Connecticut Residents Targeted in Capital Gains Surtax Bill

Connecticut Senate President Martin Looney is promoting a special tax on capital gains of the state’s highest earners, as he and other elected officials look for ways to distribute the tax burden more fairly across income levels.

A bill the Democrat is sponsoring, S.B. 35, would add a 1% capital gains surcharge for people in the top, 6.99%, income tax bracket, which for individuals is levied on incomes above $500,000, and a 0.75% surcharge for those in the 6.9% second-highest bracket, earning between $250,000 and $500,000. The legislation was one of several measures up for discussion Wednesday in ...