Well it will take 20 years to undo … but every journey begins with a small step.
This analysis estimates that within a little more than two decades—under a Taxpayer Bill of Rights—the income tax would be eliminated entirely. This elimination would be achieved by systematically decreasing the top marginal tax rate, currently 5 percent, based on the yearly budget surplus. The lower top marginal tax rate maximizes the economic beneﬁ ts of lower taxes thus leading to a higher quality of life for all residents.
However, time is short as Connecticut’s debt bomb comes closer and closer to its day of reckoning. Only by expanding the economy, via eliminating the income tax, will the state be able to bear this debt burden without resorting to more draconian measures.