One-percent tax would hit one-percenters hardest

HARTFORD — A proposal from Senate President Pro Tempore Martin M. Looney would force the state’s wealthiest to pay higher taxes, without raising the income tax.

Looney’s bill, awaiting action in the legislative Finance, Revenue & Bonding Committee, would create a statewide 1-percent property tax, forcing those with higher-value homes to pay more, whether or not they live in the state.

It would also end local taxes on motor vehicles, creating a statewide vehicular tax of between 15 and 19 mills.

“This is looking to target high-income people with high assets, some of whom play the game of living out-of-state for six months and a day,” Looney said in an interview. “One thing about the property tax is it’s the most-reliable to predict. This idea has more progressivity.”

Read more: https://www.nhregister.com/politics/article/One-percent-tax-would-hit-one-percenters-hardest-13665808.php