New Year’s revelers have reason to cheer 2024: income tax cuts will benefit 59% of all CT tax filers.
Three tax cuts adopted with bipartisan support last spring take effect this January: the largest income tax reduction in state history, greater exemptions on pensions for seniors, and a tax credit increase for low-income working families. Together, the measures are estimated to provide $460 million in tax relief.
Income tax relief
Roughly 1 million middle-income residents will benefit from the income tax cut. The reduction targets middle-class residents who earn less than $150,000 for single filers and $300,000 for joint filers. To see if your family will benefit, click here.
Expanding deductions for seniors
Roughly 200,000 seniors will benefit from a deduction for income from retirement accounts, some pensions and annuities. Previously, many seniors were subject to a “tax cliff”: once their retirement income rose above $75,000, all of it became taxable. The new law eliminates that.
An income boost for working families
Changes to Connecticut’s earned income tax credit place the state among the five most generous in the nation when it comes to this popular program. The EITC is a tax credit that benefits the working poor, and especially those with children. It increases the take home pay of low wage workers by offsetting what they owe in federal and state income taxes. Under the change, CT is increasing from 30.5% to 40% of the federal EITC, providing an extra $44.6 million to the 211,000 filers for this credit. 95% of those filing here are families with children.
“These tax cuts are possible due to the fiscal discipline that we’ve implemented over the last five years,” said Gov. Ned Lamont, “which has stabilized the state’s fiscal house and ended a trend of too many years of deficits and uncertainty.”
New gun prevention law goes into effect
A wide-ranging package of gun violence prevention measures was also signed into law last summer, and went into effect in October. It includes a ban on the open carry of firearms in public, a limit on the bulk purchase of handguns, closes loopholes in the assault weapons ban and has other important measures. Connecticut received an A grade from the Giffords Law Center, and was ranked 3rd in the nation for the strength of its gun safety laws.
Reminder: Biennial town Democratic caucuses are next week!
One hundred people make up the voting members of the Greenwich Democratic Town Committee. They set our principles and policies, and lead our election efforts. If you’re a registered Democrat, you can vote for who represents your district, or stand to serve as a party member yourself. Now is the time to get involved in the all-important 2024 election! Attend your district caucus next week. Make your voice heard in your party. Check your RTM voting district, then show up at your district caucus. Questions? Reach out to email@example.com.
|Volume 2, Number 30 • January 4, 2024
|Paid for by the Greenwich Democratic Town Committee.
|Greenwich Democratic Town Committee P.O. Box 126 Greenwich, CT 06836