Connecticut has an interesting and fairly comprehensive
revenue estimator tool to help anyone see the effect of possible tax law changes. I quickly found out that doubling the excise tax on gasoline (to 50 cents per gallon) raised $364,272,914, while lowering the sales tax rate from 6.35% to 6.00% lost $217,627,200. You can also change various tax credits and tax rates. The tool shows you the overall effect of the changes.
This tool is on an
Open Connecticut website that also has basic information on tax expenditures, tax credits, sources of revenue, and more. It is a wonderful website for promoting transparency and improved understanding of the tax law and budget. I wonder how the state promotes its use and how many know about it and use it.
I encourage you to take a look at the tool and website -
www.osc.ct.gov/openCT/.
What do you think?
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