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State residents who earn Social Security benefits and make over $50,000 per year if single, and $60,000 if married, are currently taxed for 25 percent of their total receipts.
“You can point to a number of policies that have resulted in Connecticut routinely ranking among the states least desirable to retire in,” O’Dea said in a statement. “Our taxation of pensions and Social Security benefits certainly contributes materially to making retirement in Connecticut difficult. We should be making it easier for those who have worked here their whole lives and raised their families here to be able to retire here in comfort."
A Gallup Poll from last spring concluded that 49 percent of state residents want to leave the state and that Connecticut’s high taxes were cited as the primary reason, O’Dea said. U. S. Census estimates show people are voting with their feet, with Connecticut ranking as one of only six states that has lost population over the past two fiscal years, he said.
The proposed bill has been referred to the Joint Committee on Finance, Revenue and Bonding for review.
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