Democrats Propose Capital Gains Tax

HARTFORD, CT — The Democrat-controlled Finance, Revenue, and Bonding Committee is ignoring Democratic Gov. Ned Lamont and proposing a bill that would impose an additional 2% capital gains tax on Connecticut’s wealthiest residents.

The bill, which is scheduled for a public hearing next Friday, will impose the additional tax on income derived from capital gains on single filers who earn more than $500,000 and couples with income over $1 million. Currently capital gains are taxed for this income bracket at 6.99 %.

The proposal has support from the Democratic majorities in the House and the Senate, but Lamont and Republican lawmakers are not in favor.

“I don’t think it’s good policy,” Lamont said Thursday in an interview at the Legislative Office Building. “For 25 years we’ve said we’re going to tax capital gains, dividends and interest income at the same rate. This would break sort of a 25-year tradition.”

Read more: https://www.ctnewsjunkie.com/archives/entry/20190418_dems_propose_capital_gains_tax/