Excise taxes are considered indirect taxes because they are not charged directly to individuals.
Source: Tax Policy Center, "Sales Tax Rates 2000-2017," accessed October 26, 2017Įxcise taxes, also known as selective sales or differential commodity taxes, are levied for the sales of specific goods or services. The table below summarizes sales tax rates for Connecticut and neighboring states in 2017 as well as the state's policy with respect to types of items commonly exempted from sales tax (i.e., food, prescription drugs and nonprescription drugs). Source: The Tax Foundation, "State and local sales tax rates, 2017," accessed October 26, 2017
#Ct estate tax table for 2016 full
Note: For full annotations, see the source below. The table below displays the state tax rates, average local tax rates, and average combined tax rates for Connecticut and its neighboring states. The state did not levy any local sales taxes, meaning that the total sales tax was 6.35% percent. Additionally, many states allow the levying of local sales taxes, which are then added to the state's tax.Ĭonnecticut's state sales tax was 6.35% percent in 2017. Source: Tax Foundation, "The High Burden of State and Federal Capital Gains Tax Rates," accessed October 26, 2017Īlmost all states employ a statewide sales tax, which ranges from 2.9 percent in Colorado to 7.25 percent in California. Uppermost capital gains tax rates by state, 2015 The table below summarizes uppermost capital gains tax rates for Connecticut and neighboring states in 2015. While the federal government taxes capital gains at a lower rate than regular personal income, states usually tax capital gains at the same rates as regular income. Capital gains are taxable at both the federal and state levels. Examples of capital assets include stocks, businesses, land parcels, homes, personal items and more. Personal exemptions, 2017Ĭapital gains tax See also: Capital gains taxĪ capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. The state exemptions for Connecticut and its neighboring states as reported by the Tax Policy Center are reported in the chart below. Both state and federal taxes allow exemptions. Įxemptions work by reducing the amount of an individual's taxable income. The personal exemption indicates that only a person's income above a certain level is subject to taxation. States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2017," accessed October 26, 2017 Note: For complete notes and annotations, please see the source below. State Income Tax of 5% on Dividends and Interest Income Only The table below summarizes personal income tax rates for Connecticut and neighboring states in 2017. A tax bracket is the income range to which a tax rate applies. An individual's tax liability varies according to his or her tax bracket. Tax rates Personal income tax See also: Personal income taxĬonnecticut utilized a personal income tax rate ranging from 3 percent to 6.99 percent in 2017. If you would like to help our coverage grow, consider donating to Ballotpedia. This article does not contain the most recently published data on this subject.
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