The Register Citizen (Torrington, CT)
What if the state dropped its personal income tax?
Ever wonder what would happen if the state personal income tax were eliminated? Or tolls were placed on state highways?
Comptroller Kevin Lembo on Wednesday launched a new Do-it-Yourself Revenue Calculator on a state web page that does just that.
The new DIY Revenue Calculator replaces an earlier version and features the latest tax rates, revenue estimates and information concerning tax credits and exemptions.
It also includes estimates of potential new revenue sources considered by the legislature in recent years.
“Tax policy should be a fully inclusive conversation — not a spectator sport — because the implications of revenue decisions affect all of us,” Lembo said. “This DIY Revenue Calculator is about bringing all people closer to government and Connecticut revenue policy.”
The calculator reveals that highway tolls between New Haven and the New York line would generate $420 million a year. Eliminating the income tax would leave a nearly $4 billion hole in the state budget.
Lembo said he did not launch the new site to influence the fall elections for governor and state legislators. But, he added, the calculator might help keep candidates honest and elected officials make policy.
“False promises are the worst thing you can give people,” Lembo said. “The timing is not tied to the election cycle. Will it help in that? Yeah, I think it will.”
The calculator can be found at DIY Revenue or by going to the the state comptroller’s Open Government site.