Connecticut’s Estate Tax: Addressing Wealth & Income Inequality

Connecticut Voices for Children released a report entitled ‘Connecticut’s Estate Tax: Addressing Wealth & Income Inequality.’ Connecticut’s estate tax should be one of the most popular taxes in the state. It is a highly progressive tax that falls solely on the ultra-wealthy and raises millions of dollars for the general budget each year. Despite research that shows the estate tax has no real impact on millionaire outmigration, the myth that it does persists. This report argues that the estate tax is good for Connecticut and refutes common arguments in favor of its repeal. In particular, this report shows that the estate tax helps to reduce economic inequality, it helps to limit a major tax loophole that disproportionately benefits the wealthy, and it provides substantial revenue for the general budget.