Rep. Blake Carpenter (R-Derby) recently pitched a novel idea to lawmakers that he says could eliminate state property tax collections within eight years without cutting any services the state provides. In a nutshell, here’s how it works: The Legislature creates a board that is empowered to review and eliminate sales tax exemptions, boosting state revenues to the tune of $2 billion per year. That money flows into a Freedom From Taxes Fund, which grows until it reaches a point where annual interest is enough to fully offset the 21.5 mills the state assesses to fund public schools. Eventually, the fund could be large enough to offset income tax collections as well.
Source: www.derbyinformer.com – RSS Results in news/area_news of type article
