Yankee Institute develops and advances free-market, limited-government solutions in Connecticut. As one of America’s oldest state-based think tanks, Yankee is a leading advocate for smart, limited government; fairness for taxpayers; and an open road to opportunity.
In particular, Yankee is the first to publish a policy paper that calculates the actual cost of Gov. Lamont’s tax increase at $2.4 billion per year. We need to hold lawmakers accountable for these projected increases.
- Gov. Lamont expects 60% of $800 million ($480 million) in toll revenue to come from CT residents;
- New paid Family and Medical Leave Act Program, a 0.5 percent payroll tax is expected to collect $340 million;
- Canceled tax breaks/exemptions amount to a $70 million tax increase;
- Sales tax increases of $652 million, projected to increase to $1.1 billion by 2022;
- Health care provider tax $515 million increase;
- Soda tax $163 million;
- Property tax increase $71.5 million by 2022;
- Corporate tax $50 million increase;
- License and fee increases of $41.6 million;
- Plastic bag tax $30.2 million;
- $17.8 million in other miscellaneous tax increases, including a tax on vaping, a real estate conveyance tax increase on homes over $800,000, and an increase in the movie ticket tax.