The Taxman Is On His Way [CTNewsJunkie]

June 17, 2011

by Christine Stuart, | Jun 14, 2011

Taxpayers won’t notice the new income tax increase immediately, but that’s because the increased withholding, which is retroactive to January won’t be taken out of their checks until Aug. 1.

As part of the two-year, $40.11 billion state budget that still has to be ratified by the state employee unions, income taxes were expanded and increased and the property tax exemption was reduced for middle income earners.

The income tax brackets increased from three to six with the top marginal income tax rate at 6.7 percent. The new income tax rates are 3 percent; 5 percent; 5.5 percent; 6 percent; 6.5 percent and 6.7 percent.

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