CNN Money: States Raise Sales, Cigarette Taxes
media mentionFaced with a $1 billion budget gap, Connecticut this year adopted an array of tax changes, including increasing the top income tax rate to 6.9% and adding a 6.99% rate for couples earning more than $1 million.
But it also eliminated the sales tax exemption on clothing purchases of up to $50. That move, coupled with a cut to a property tax credit and other measures, leave residents earning less than $25,000 contending with the largest tax hike, according to an analysis by the Institute on Taxation and Economic Policy, a left-leaning group.