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Study: CT Families See $3,341 Boost Under GOP Tax Bill; Will Millionaire CT Congressmen Vote For It?

December 8, 2017 By Staff
Study: CT Families See $3,341 Boost Under GOP Tax Bill; Will Millionaire CT Congressmen Vote For It?

A November study from the Tax Foundation found Connecticut families receive a larger income boost from the GOP tax bill than families in 49 other states. Will Connecticut's congressional delegation, many millionaires, vote for the bill?

More than $3,300 may not to be a lot to Rep. Jim Himes (D-Conn.), who’s worth $2.8 million, or Rep. Elizabeth Esty (D-Conn.), who’s worth $3.18 million.

It’s certainly not a lot to Sen. Richard Blumenthal (D-Conn.), who’s worth a whopping $66.99 million.

But $3,300 is worth a lot to middle-class families in Connecticut, and that’s what a non-partisan Tax Foundation study says the average Connecticut family will receive in after-tax income gain if the Senate GOP tax bill passes.

The study is from November, and some adjustments have been made to the bill since then. Also of note, the Senate and House GOP will now go to conference on the bill the Senate passed, meaning further changes will be made.

But this study, overlooked during the November debate, shows that, despite the apocalyptic rhetoric from Connecticut’s Democratic congressional delegation, Connecticut families would actually see more benefits than families in most other states under the bill.

Here were the Tax Foundation’s top five states in terms of “Estimated Gain in After-Tax Income for Middle-Income Family.”

  • New Hampshire: $3,355
  • Connecticut: $3,341
  • Alaska: $3,332
  • Maryland: $3,245
  • Massachusetts: $3,180

Connecticut families’ income gain is 28 percent higher than the national average ($2,598).

What’s more, the Tax Foundation estimates the bill will create 10,742 full-time equivalent jobs in the state, which is in sore need of job creation.

Connecticut’s delegation has one more chance to support the tax bill, as the House and Senate will vote on it after they conference on the bill.