Connecticut’s tax code comes under scrutiny on Monday as the state’s new tax panel meets for the first time.
Connecticut’s tax structure is often cited as an issue that’s holding the state back, and retarding economic growth. At an average of $2,500, Connecticut’s per capita tax burden is the third-highest in the nation, well above the $1,400 national average.
The new 15-member tax panel may not be able to do anything about the overall burden, but it will take a look at ways to streamline and modernize the tax system. The members are charged with finding ways to increase its simplicity, fairness, economic competitiveness and affordability, as well as looking at how to make the tax code work to promote other public policy goals.
They can look at all major taxes including the income tax, corporation tax, sales tax and local property taxes, and they’ll hear testimony from citizens, business groups, labor unions and other interest groups as they develop their recommendations.
The tax panel must come up with its analysis and report back to the legislature’s Finance Committee by February of 2016.
Watch CT-N's footage of the tax panel's meeting below:
