CT Income Taxes Lower for 98% of Residents
Working people in Connecticut received $2,227, on average, from tax breaks implemented by congressional Democrats like Jim Himes. Congressman Himes has continuously supported middle class tax and small business tax relief, and as a result, taxes were lower for most Connecticut families in 2009 than they have been in decades.
This past year, Congress enacted over $800 billion in tax cuts. Even conservatives agree: middle-class families are better off. Former Reagan policy advisor Bruce Bartlet highlighted the lower tax rate.
For information on how CT has benefited, check out this report.
Helping to Create New Jobs
Approximately one-third of the Recovery Act (or stimulus) came in the form of tax cuts. The Making Work Pay Tax Credit, the First-time Homebuyer Tax Credit, adjustments to the AMT and new residential energy tax credits are putting money back in the pockets of Connecticut families. Tax cuts for businesses, like a loss-carryback provision, are working to create jobs.
Over 200,000 CT-4 Residents Paid Lower Taxes
In fact, in CT-4 alone, 218,000 individuals benefitted from the Making Work Pay Tax Credit. According to the Council of Economic Advisers, these tax cuts are responsible for roughly one-half of the up to 2.8 million jobs saved or created by the Recovery Act. And as a result of this bill, tax refunds are already up nearly 10 percent, reaching a record of $3,000 per taxpayer.
Here’s more information regarding the number of Connecticut families each of this year’s tax cuts have helped.