Ahead of state budget negotiations, Lamont highlights tax cut proposals
Connecticut Governor Ned Lamont visited a Milford-based vinyl record shop on Monday to highlight his tax cut proposals ahead of budget negotiations with lawmakers next month.
Lamont’s proposal would eliminate state income taxes for families making less than $50,000 a year. It would reduce taxes by about 20% for those earning up to $100,000 a year.
This would be the largest income tax rate reduction in state history.
“A tax cut you can count on," Lamont said. "A tax cut that's going to mean about $50 a month for each and every one of you that you can use to buy a John Lennon record right here in Milford.”
Lamont said his proposals would also benefit the owner of the vinyl record shop and 123,000 other small businesses who pay the pass through entity tax.
They would get a 5.5% reduction on their taxes. That would be about $5,500 for a business paying $100,000 in taxes.
Lamont is pushing his proposals as lawmakers begin to focus on the state budget this week.
Negotiations begin in earnest after state income tax returns are reported next month.