3Connecticut middle class pays marginal income tax rates of up to 10 percent

When average Connecticut taxpayers completed their returns for the deadline earlier this week they may have paid marginal rates higher than the state’s top tax bracket because of the way the state phases out certain deductions. Marginal taxes determine how much of the next dollar a person earns he or she will get to keep. ...

0Interview with Prof. William Butos: marginal tax rates

What is the difference between a marginal tax rate and a tax bracket? A tax bracket is a range of taxable income that is subject to a specific tax rate. The Federal income tax, for example, currently has six tax brackets, ranging from 10 percent to 35 percent: Let’s suppose your taxable income from wages ...

0It could happen here: State employees planning your retirement

Former Connecticut Secretary of the State Miles Rapoport proposed a state-run pension plan in a Hartford Courant op-ed last month. You might be asking, “Don’t we already have a pension plan?” Rapoport suggests creating a new plan that any state resident can buy into: One idea that is particularly promising is that the state create ...

36State ethics chief got a friend transferred to her agency

The top ethics official in Connecticut state government got a friend transferred to her agency last year amid agency consolidation, a move she defends as “a business decision.” Carol Carson, executive director of the Office of State Ethics, said she consulted her agency’s legal division and disclosed her friendship to the chairman of the Citizen’s ...

1It could happen here: Deficit gimmicks

Perhaps it would be more accurate to say, “It could happen here AGAIN.” Connecticut, of course, has a long history of budget shenanigans. The gimmickry in Hartford, ironically enough, was partially inspired by the constraints of the 28th Amendment – passed in the wake of the new income tax – that requires a balanced budget ...