Gov. Ned Lamont Delivering For Working Families, Proposes $336 Million in Tax Cuts
As Connecticut’s economy continues to grow and the state attracts new businesses, Gov. Ned Lamont unveiled a new tax cut plan to deliver for working families, including tax cuts that will provide approximately $336 million in relief for Connecticut residents.
The proposal will provide property tax credits for over one million people, a lower car tax rate for 1.7 million vehicles, and tax cuts for 250,000 retirees and 32,000 workers with student loans.
Here’s what people are saying about Gov. Lamont’s tax cut plan:
- Bloomberg: “Connecticut Governor Ned Lamont proposed $336 million in tax cuts, becoming the latest governor to do so as state coffers bulge with better-than-expected revenue and billions of dollars in federal pandemic aid.”
- FOX 61: “The Democratic governor said Wednesday he is proposing the tax cuts because the state is projecting a $1.48 billion operating surplus, which he said would enable a significant reduction in the one-time revenues built into the enacted budget.”
- Hartford Courant: “The plan would save taxpayers a combined $53 million, and the credit would be limited to single filers earning up to $109,500 and joint filers earning up to $130,500.”
- CT Mirror: “The governor’s plan also would accelerate planned tax relief for retirees and reward businesses that help employees pay down student loans.”
- Associated Press: “Lamont is also calling for expanding eligibility for a student loan tax credit that is provided to employers who pay up to $5,250 toward an employee’s student loan.”
- Stamford Advocate: “With a growing state budget surplus, Gov. Ned Lamont said Wednesday he will propose to expand Connecticut’s property tax credit to an additional 500,000 residents and lower the maximum tax rate cities and towns can charge for 1.7 million motor vehicles, with the state making up the lost revenue.”
“Gov. Ned Lamont has Connecticut’s economy growing, businesses moving to the state, and now his new tax cut plan will be another major boost to the middle class,” said DGA Deputy Communications Director Sam Newton. “Gov. Lamont’s strong and steady leadership continues to deliver for working families.”