Finance panel eyes cap on property tax hikes, gears up for another battle over CT’s credit card

Rep. Sean Scanlon, D-Guilford, the new House chair of finance, is spearheading the property tax cap, which he says was inspired in part by Massachusetts’ Proposition 2 1/2, a statute that has drawn national attention since Bay State voters enacted it by ballot in 1980. The poorest people in Connecticut in terms of adjusted gross income — about 725,000 filers earning up to $48,000 per year — effectively spent 23.6% of their pay on state and local taxes in 2011. By comparison, the middle-class paid about 13%, while the top 10% of earners paid 10% and the top 1% paid about 7.5%. The state borrows billions of dollars annually, by issuing bonds on Wall Street, to pay for school construction, capital projects at state universities, highway, bridge and rail upgrades, state building maintenance, open space and farmland preservation, and various smaller community projects.

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