New CT Taxes On Car Washes and Clothing

It looks like Governor Dan Malloy recently signed some new legislation to adjust taxes in the state of Connecticut.

According to FOX CT, this will repeal some of the new tax hikes that were proposed in his original tax changes that came about in June. So as much as some taxes will be adjusted for the better, some will go up, which could put more burdon on the average tax payer.

Here are things that will change in the new laws:

1. CT Income Tax will change for high-income households from 6.7 percent to 6.9 percent.
2. Car Washes will now collect a sales tax
3. All clothing and footwear will carry a sales tax, which is different from the prior rule of tax exempt clothes under $50.
4. Corporate tax structure is changing where companies can apply tax credits against 50% of total tax liability, opposed to the prior 70%.

What does this all mean to you?  Basically one tax is being moved around to another part of the economic structure. To me, it's a wash...

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