Bloomberg Tax
Feb. 8, 2023, 8:48 PM

Connecticut Governor Lamont Proposes Middle-Class Tax Cuts

Martin Z. Braun
Martin Z. Braun
Bloomberg News

Connecticut Governor Ned Lamont unveiled a $50.5 billion biennial budget that would cut income taxes on families making up to $100,000 per year, as well as have the state borrow $600 million for new housing.

The budget increases spending by 3.5% in the fiscal year beginning July 1 and 1.8% the following year.

Lamont proposed cutting taxes for families to 2% on their first $20,000 in income and to 4.5% on income of as much $100,000, down from 3% and 5% respectively. The tax cuts, the first in almost 30 years, would save 1.1 million taxpayers $440 million annually, the ...

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