Carpenter introduces new taxation idea for state
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 [...]